Rewarding yourself for meeting or exceeding your financial goals will keep you motivated in continuing to save money and sticking to your budget without the risk of burning out prematurely. The key is to find inexpensive rewards that you can splurge on and will not sink your budget or ruin your saving efforts.

Different financial goals

Whatever your financial goal is, it’s definitely worth treating yourself with small or medium rewards along the way depending on your progress. Once you’ve ultimately met your goal, you can treat yourself to a large reward.

If you’ve saved a healthy amount of money in your savings account or you have set aside a good amount in a jar or piggy bank, you can treat yourself to a small reward. Or if you’ve simply been sticking to your budget progressively, you can allow yourself a small reward every three or four weeks or so as well to keep you motivated.

To earn yourself a medium size reward, you would need to save more money. If your ultimate goal is paying off your mortgage, you can occasionally give yourself a medium reward if you have started to make extra or larger repayments or did a health check on your home loan and refinanced for a better money saving deal.

For a large reward, you would need to reach your ultimate goal or save a larger amount of money. You may have paid a deposit for your home loan, made a lump sum payment or even better – paid off your mortgage or car loan. You deserve a large reward for the efforts you’ve put into saving.

Size of rewards

Here are ideas for small, medium or large rewards you can indulge in to keep you focused on your financial goals.

Small rewards

  • Beauty – Affordable new nail polish, lipstick, hair straightener, blush, moisturiser or perfume. You could also buy yourself a few products for a home facial, manicure or pedicure.
  • Entertainment – Movie tickets for you and your partner or DVD or blu-ray of a favourite movie.
  • Flowers – Brighten your home with fresh blooms that are in season. if you can, choose ones that represent something meaningful for your reward or ultimate goal. Alstroemeria is symbolic of wealth and fortune, bird of paradise and forsythia signify ‘exciting and wonderful anticipation’ and white heather represents protection and indicates that ‘wishes will come true’.
  • Day trip – Visit a museum, local park or lake and pack your own lunch or picnic.
  • Happy hour drinks – Head to your local cafe or pub for discounted drinks.
  • Takeaway – Order in your favourite food and veg out on the couch as you watch your favourite TV show.
  • Daily deal website – Purchase a deal at a discounted rate. You might find a cheap lunch at a cafe or even discounted entry to the zoo.
  • Clothes on sale – Grab that cool top or dress you’ve been eyeing for a while when it finally goes on sale.

Medium rewards

  • Beauty – Get yourself pampered at the salon with a facial, massage or shampoo and blow dry.
  • Entertainment – Buy tickets for you and your partner to a concert or theatre show.
  • Retail therapy – Splurge on a pair of shoes or designer jeans.
  • Magazine subscription – Purchase a six month or one year subscription to your favourite magazine.

Large rewards

  • Holiday – Take your partner on a romantic escapade or the family on a fun getaway.
  • Latest gadget – Go ahead and buy that iPad, flashy camera or new mobile phone.
  • Furniture – Buy a new lounge set, massage chair or a piece of outdoor furniture.