Do you ever treat yourself on milestones?

[KBecks]

Hi Mustaschians,

I am wondering if you ever treat yourself when you achieve an important goal or milestone, and would you share an example of what you did, or how it fits into your badass worldview?

Recently, I applied for a specialty freelance-type job, and I've been awarded two project contracts.  First, this is already satisfying for a number of reasons, I'm thrilled.  But second, I'm getting my first two payments, and well, I'm trying to decide what to do with the money.

I could invest it.
I could do something for our home.
I could buy a small or mid-price token to commemorate this new venture
I could contribute to a family experience or vacation
I could gift it directly to my kids for their future

The problem is, I'm not sure what I want.  I'm trying not to be a materialistic person, and I don't have a lot of immediate needs, so if I bought a "thing" like clothing or whatever, I'm not sure it would be satisfying.

But the milestone is worthy of being celebrated.  Hopefully it's the beginning of a great new working relationship and multiple future projects.

Do you treat yourself if you get a bonus or a new job or hit a significant life goal?  Or is the whole idea weird and kind of a waste?

[Askel]

I try to get away from the idea of "treating myself". Meeting my goals is it's own reward. If I need to spend a bunch of money to be happy about meeting my goal, it probably wasn't a very meaningul goal. 

I have been known to give the ol' frugality muscles a bit of a break on occasion if I've been exceeding my financial goals for a while.  I find it's helpful to indulge a bit when excess is available to remind myself why indulging is dumb. 

P.S. Congrats on the new gig!

[nereo]

Here's our approach. Note that we are still building towards FI.

We recognize milestones achieved but we DON'T do this by spending a bunch of money we otherwise wouldn't. That seems counterproductive to us.
Instead we do something we've either been meaning to do or that is low/no cost.  To us, the idea that you must spend money to celebrate life-events runs contrary to this whole FI journey.  You can celebrate without dropping a lot (or any) coin.

As examples:
when we paid off student loans we went on a weekend backpacking trip
when we closed on our apartment we threw a small house-warming party.

The former cost us about $50, most of it the park fee.  For the latter we ironically and arguably came out ahead as virtually everyone brought us bottles of wine despite our insistence of 'no gifts necessary'.

[Lan Mandragoran]

We do. It's more stuff that we would do anyway, we just find very fun and reasonably cheap, also its something to look forward to. For our next large one we are going on a few hour trip, where we will take our 2 year old to the omaha zoo and stay the night at a reasonable hotel. For a few hundred bucks we will have a mini vacation that if all goes well will be something we can think about fondly.

Also wifey isn't quite as... gungho about FIRE as myself (she approves... just isn't quite as enthusiastic), so its a way to give us a common goal.  Maybe not Mustachian as these forums sometimes present it, but for us its just about doing what brings the happiness overall. 

[gmdv]

When I hit a milestone I usually do a quick cheer, walk around with a smile for the whole day - or week,  depending on how long the euphoria lasts - and possibly brag about it to others.  There is no need for a treat, because the achievement itself is a treat. 

For unexpected bonuses, I tend to save a bit and give the rest to charities.

[nereo]

To add to what I said above, I like celebrations of all kinds, but I challenge the notion that "let's celebrate" should equate to "let's spend money!"
This is the effect advertising has had on us, and spending money is literally results in the polar opposite of having money to spend.

On my ride into the office I was thinking over the questions posted in this thread and I decided how I want to celebrate when I get my graduate degree in a few months: I want to spend a day with my SO without any outside demands. We'll sleep in, turn off our phones and computers, make a nice breakfast and then probably go for a hike or (if winter comes early) some xcountry skiing. Spend the evening cooking dinner, have cocktails and then watch a movie. 
This is how I going to celebrate.  Looking forwrd to it already ;-)

[ixtap]

No, but then my husband doesn't really do celebrations. His lack of enthusiasm for birthdays is something I have learned to live with.

The fact that his bonus usually arrives right around my birthday might result in dinner at a local hole in the wall.

[Slee_stack]

I also tend to not to like birthdays, holidays, etc.  They feel 'forced' expectation-wise.

I treat milestones similarly....no celebration per se.    I celebrate whenever I feel/want to celebrate, not 'because' of something.

Same goes with spending.  I'll spend whenever it makes sense to me to spend.  Again, not 'just because of'.


This can frustrate people who feel differently though.  I do make exceptions if its important to someone else.

[Imustacheyouaquestion]

There is no need for a treat, because the achievement itself is a treat. 

Exactly. Fist pump and maybe a high-five with someone nearby.

[I'm a red panda]

I treat myself on some milestones, but not others.

I recently got a much deserved promotion and raise. I didn't celebrate that. It was enough of a reward.
But we went out and got Indian food when I had my baby- since I was on a restricted diet for most of the pregnancy, that seemed worth celebrating.
We should be rolling over to $1 million in assets soon. We might go celebrate that, though only after we have enough that it won't roll us back. LOL

We don't do (non-child) birthdays, valentines day, or anniversaries though.

I'm not into extreme frugality. My take on mustachianism isn't that it is about spending as little as possible. It is about optimizing what you are spending.  So I'd rather put money regularly into things I enjoy than one off celebrations.

[ketchup]

I try to "treat myself" for meeting goals with something that reinforces the habit that led to meeting the goal.  The "reward" for deadlifting 300lbs is not an extra large frosty chocolate milkshake; it's more weight plates so I can do more next time.  The reward for eating all my vegetables is buying more vegetables.  Etc.

I don't do holidays or birthdays, they just feel like deadlines.

[Laura33]

I also love celebrating.  Yes, the achievement is its own reward, yadda yadda.  But, dammit, I still want a nice dinner and a pie on my birthday, I still want a gift under the Christmas tree, and I still want my family to recognize and celebrate my accomplishments.  It reminds me how much I matter to them.  And it's fun!  It's even productive fun, because it is done in recognition of hard work and doing good things, which then provides an incentive to do more hard work and good things!  I love making people feel special -- especially when it's for doing something good -- and I love it when they return the favor.

IME, some people are happiest with a daily routine, and others prefer ups and downs.  I am in the latter category.  So I will happily take any excuse to celebrate, because it breaks the routine in a good way and gives me the chance to create a happy experience for my family. 

But don't fall into the trap that "celebrate" means "buy something I want."  That just establishes in your own mind that frugality is something you are suffering through to get to FIRE -- it's like a diet, a temporary restriction that you are just white-knuckling through to get to a goal, at which point hallelujah, you won't have to worry about it any more.  And that approach is just about as effective long-term as any other diet.

The point is two-fold.  First, you need to make sure that your split between spending and saving is something that you can sustain long-term.  If you constantly have a running list of things you want to spend money on, maybe you're cutting it too tight and should work a little more "stuff" into your normal budget.  And second, when it is time to celebrate, think of non-spendy things that you would enjoy.  One of the things I do is make a special dinner for DH, with his favorite things -- or if we were going to go out to dinner (which is part of our budget, since it's something we enjoy), maybe I'll make a reservation at a sushi place, because even though I don't eat fish, he adores sushi.  And honestly, one of the best ways that he can treat me is to manage logistical stuff for me -- I really don't care where we eat, if he makes the reservation and gets the babysitter, I am already on cloud 9.  Last year for Christmas, I said I'd really, really like it if he could take my car to get the oil changed and the tires inflated and the car washed, and do one or two other similar things that I always find a reason to put off.  One of my best Mother's Day gifts was when he took the kids out for hours and let me curl up in my chair with a book and the clicker.  Etc. etc. etc. 

[FI4good]

Not me ,
 The savings are on automatic and i only look at them once a month or every couple of months .

Due to brexit in the UK i want to build a cash buffer ( I've always ran with only 500 to 2000 in the current account ) seems a bit counter intuitive to celebrate building up that reserve by spending some of it .

I hope whatever milestone it is/was you get satisfaction from it .

Best wishes , FI4

[Yankuba]

Nobody is guaranteed tomorrow - never pass up an opportunity to celebrate something meaningful!

When I hit financial milestones or finish one of my graduate school classes I take myself out to lunch (<$10) or buy a treat from the supermarket bakery.

[Chrissy]

We do treat ourselves.  We look for low-cost, high-impact treats.  It might be a bottle of wine, since we never drink.  Or a movie, since DH looooves going to movies, and we're so busy it almost never happens.  At bonus time, I really pushed him to take up to 10% and spending it on something frivolous.  He planned to put every dime in DD college fund, but that bonus is a reward for all his hard work, and he should actually FEEL rewarded.  He spent 5% on a really nice keyboard.

[GuitarStv]

No.  I do what I want, when I want to.  If I really wanted a treat I'd get one, milestone or no.  That kinda makes the whole idea of treats redundant.

[RyanAtTanagra]

No.  I do what I want, when I want to.  If I really wanted a treat I'd get one, milestone or no.  That kinda makes the whole idea of treats redundant.

Yep.  If I want something I'll buy it.  I have the money for it in savings and investments.  I figure the reason I don't have the thing already is because I value the invested money more than the thing.  Reaching a milestone doesn't suddenly change my values.  Wanting a reward implies deprivation.  If you're feeling deprived you might need to change how you're going about this FIRE journey, imo.

[EmFrugal]

I am of the philosophy that savings goals come first BUT setting a bit of money aside to spend on something that brings meaning and value to your life is A-OK. Especially if it is something that isn't an instant purchase.

For example, I just started my own personal training business and got my first paycheck. Woohoo! The majority will go straight into our mutual fund, but I am allocating a small percentage toward a trip to Colorado that my husband and I have been planning for several months. Over the next year or two, we will build this fund out and take our trip with our three kiddos. I get the hooray feeling by simply putting some of the money in a separate (mental) bucket and knowing that that piece is going toward something we value - travel, new experiences, and nature. Then I also get the satisfaction of knowing that the majority of my earnings are going toward our overall savings goals.

I think the key is to get away from instant gratification as much as possible and really focus on what brings meaning to your life.

[VoteCthulu]

No, but I do like to splurge once in a while on a nice dinner or a movie. Generally no more than once a month, but no less that twice a year. Any more often and it becomes routine, and any less often I start to find myself complaining about everything.

[Firehazard]

Whenever we hit a new hundred thousand mark, we get a box of novelty ice cream treats from the supermarket.  Whatever looks yummy and is on sale, of course.  Usually no more than $4.

[okits]

We'll make a nicer dinner at home or go out for a meal, buy a special dessert, or a bottle of sparkling wine.  We're not really toy/electronics/fancy clothes people, so if we buy that stuff it's whenever it makes sense to us, and not usually linked to an event.

[Wimsey1923]

As it happens, I'm about to go out and buy a bottle of sparkling wine today to celebrate my major investment account reaching a cool million. Now, if only it were a million US dollars and not Swedish currency ;-)

[Playing with Fire UK]

I treat myself, but keep it modest [enough for me, maybe spendy for you]. For example, when I finally became debt-free (a £183k journey), I bought a GIANT, ten euro cocktail.

I also "reward" myself when I do something to reduce costs that will have an ongoing effect. I dislike the hassle of calling around for better deals on electricity, broadband, and the like, so I'll typically spend the first month's savings on something wildly spendy, indulgent and unnecessary - last time I bought a travel coffee mug that did not have the paint worn off.

When I get a payrise, I put on some upbeat music, mix a drink and have my own little party as I decide where to put my extra charitable giving.

Milestones are important to me, but the celebration doesn't need to be spendy to be memorable.

[VolcanicArts]

I'm pretty close to hitting another 100k mark. It's taken me longer than I had thought for this one. I'll probably take a short inexpensive trip to celebrate when I reach it.

[Zikoris]

Yeah, with cookies. Probably costs me a buck or two for the flour, sugar, chocolate chips, etc. Yummy.

[Tanor85]

When I was on this journey with someone else, we'd treat ourselves to a nice meal and a good bottle at certain milestones. Alternatively, we'd go away to an exciting location for the weekend.
Now that I'm rolling solo, I still treat myself when hitting my net worth numbers, but I have to admit it is not the same.

Here's a suggestion for a milestone treat: Get yourself a bottle of something that ages well. A fancy champagne, barleywine, imperial stout. Let it age while you let your NW grow and then open it once you reach that number you've been working hard to achieve. The anticipation is half the fun.

[Playing with Fire UK]

Here's a suggestion for a milestone treat: Get yourself a bottle of something that ages well. A fancy champagne, barleywine, imperial stout. Let it age while you let your NW grow and then open it once you reach that number you've been working hard to achieve. The anticipation is half the fun.

I like this idea.

[Linea_Norway]

My DH recently won an electric bicycle and sold it for a good sum (approx 1200 USD). In the meantime I had a car issue that caused us to need 4 new tires for the car. This cost approx 600 USD. I said that this could be compensated for by the bicycle money. DH had wanted to spend it on something out of the ordinary.

He mentioned he wanted for example to buy a packraft. These are normally very expensive. But he found some method to build one himself from a building package. That costs only around 350 USD. I know he wants to have this thing and is going to use it well. So I gave him my blessing to buy it.

Sometimes you deserve to treat yourself. But don't waste a lot of money on stuff you don't really need or won't really enjoy.

[Retire-Canada]

I am wondering if you ever treat yourself when you achieve an important goal or milestone, and would you share an example of what you did, or how it fits into your badass worldview?

Last year I worked two FT contracts for part of the year and one FT the rest of the year. More than doubled my savings/investment goal for the year. So I bought myself a mountain bike I was wanting, but putting off buying as I was focused on my savings plan. Then I got back on the savings train and went back at it.

No regrets. I've had an amazing time riding that bike and staying physically and mentally healthy is as important to FIRE as amassing wealth.

I've got some other items I want to purchase and I have a priority list setup so that if I can meet my saving goals I can spend $$ on those items. Motivates me to achieve my goals and allows me to spend money when I've made progress on my plan.

I'll carry the same approach into FIRE. If I am getting higher returns than my baseline I can spend $$ on luxuries and if I am not I'll scale back towards my core essential spending. That will keep my portfolio healthy and yet allow me to spend on things I want when the timing is right.

It's your life and your money so structure your spending/savings so that it works for you.

[Imma]

We do modest celebrations, but we don't buy things that I wouldn't normally buy. We'd rather buy something we've wanted for a long time.

On birthdays we go out to eat, and when I got a raise recently (to €2650 gross/m, good income in my country) we went out to eat to a new place we'd been wanting to go to. The first person to get to €3000/gross month is paying for a dinner at the local fancy restaurant.

I want a new sewing machine that I'm going to buy when I hit a certain net worth target. I've wanted it for years, I can wait a few more.

[KBecks]

Thanks everybody, I think I have totally indulged in a bouquet of $5 farmer's market flowers, a bottle of Aldi wine, a piece of chocolate cake and a pizza dinner.  I'm good. :) 

[FireLane]

Hitting a milestone is its own reward and should feel good without any unnecessary spending. On the other hand, the point of FIRE isn't to deny ourselves all pleasures in the name of frugality, but to pick the pleasures that matter most to us and to indulge in them responsibly.

With that in mind, a milestone is as good an occasion as any to enjoy one of those little, life-affirming indulgences. The last time DW and I hit a big round number, we opened a bottle of good (but not super expensive!) wine that we'd been saving for a few months. It was worth waiting for, and a good way to commemorate the work we'd put in to get to that point.

[RedmondStash]

I love celebrating, but my focus has shifted over the last few years. I find I don't want to spend on trinkets and things in some special way; I feel my life is full of treats already. Instead, what I really want is financial independence. So extra windfalls go straight into investments.

On occasion, we might eat at a restaurant or go see a movie in the theater, but those are rare events. But it's not because I am holding myself back because of frugality; it's because I genuinely don't feel the need to splurge like that, at least not often. (I splurge in other ways, like on high-quality food, as part of daily life.)

One idea: Maybe you could celebrate by making a small donation to a charity you believe in. That way, you are doing something good for the world, and also marking a milestone.

[Loren Ver]

When we hit our milestone of paying off the student loans, we took the next months loan money and took a group of friends camping and to an amusement park.  It was wonderful to celebrate the achievement with those close to us. The next month that money rolled to investments where it has been ever since.

[vittelx]

We do i guess. Nothing crazy though. Last time we celebrated with a nice entrecôte and a bottle of Ripasso at home of cause :)

[Imma]

A different type of milestone: I have promised myself a brand new bike when I turn 30 in 2020! I grew up riding completely beat up bikes, so beat up that they weren't even acceptable in my country (the Netherlands) where riding beat up bikes is a national tradition. I remember my elementary school teacher calling my parents saying they wouldn't allow my bike on school trips anymore because it didn't have working brakes at that point. Especially my dad was the 'you think you're too good for this bike, huh? You feel like you're better than us?' - type.

When I was 18, my ultimate act of rebellion was buying a good quality fairly new second hand bike for myself. I'm still riding that one nearly 10 years later and it's still in a reasonable shape, but after 10 years of commuting by bike it's starting to show some wear and tear. It's just not as comfortable as it used to be. I have long promised myself a brand new bike when I turn 30. I'm expecting to spend €1000-€1200 which is insane to me, but as my primary mode of transportation for the next 15 years of course it's more than worth it.

[felixbf]

Every time i reached a milestone of 20k saved in liquid i will treat myself to something on my "12 things that i must own " .Got to 125,864 saved so bought myself a Sony XB950B1 Extra Bass Wireless Headphones with App Control, Blue  off Amazon for $128. I am a film buff so sound is very important :).

[Linea_Norway]

A different type of milestone: I have promised myself a brand new bike when I turn 30 in 2020! I grew up riding completely beat up bikes, so beat up that they weren't even acceptable in my country (the Netherlands) where riding beat up bikes is a national tradition. I remember my elementary school teacher calling my parents saying they wouldn't allow my bike on school trips anymore because it didn't have working brakes at that point. Especially my dad was the 'you think you're too good for this bike, huh? You feel like you're better than us?' - type.

When I was 18, my ultimate act of rebellion was buying a good quality fairly new second hand bike for myself. I'm still riding that one nearly 10 years later and it's still in a reasonable shape, but after 10 years of commuting by bike it's starting to show some wear and tear. It's just not as comfortable as it used to be. I have long promised myself a brand new bike when I turn 30. I'm expecting to spend €1000-€1200 which is insane to me, but as my primary mode of transportation for the next 15 years of course it's more than worth it.

A new bicycle is a very Mustachian investment. MMM has an article on it being well worth to buy a good quality bike if that stimulates you to use it every day. Bikes that don't work well suck. (I have had a mountain bike with bad gears in a country full of hills.)

[ender]

My wife made me a card and we bought a game to celebrate a recent promotion.

I'm less inclined to celebrate but she is much better about it than I am. Ultimately I think it's beneficial to at least recognize and do something to acknowledge it in a way which is meaningful to you... even if it's updating a cell in a spreadsheet ;-)

[stashgrower]

When the milestone is something like the OP's that brings in more $$, I consider my delayed purchase list and pick something that I "needed" but put off. For other milestones, no change to cash outlay.

[Blissful Biker]

When I receive a raise or a bonus we typically celebrate with a family dinner out, which is a rare treat for us. We always use it as an opportunity to talk to the kids about money, work ethic and savings.  We discuss what I did to deserve a bonus and how we will responsibly invest it for our future.  They even get to learn the impact of taxes on the bonus check. 

[dreams_and_discoveries]

Yeah, my 50% to FIRE milestone, and crossing a 400k level were within a few months, so I don't feel I should be celebrating the later milestone, as I've been a bit spendy lately anyway.

Maybe I should call the trips I've booked my treat?