It’s February. The weather here in Virginia is chilly, cloudy and ... ooh, is that a sale?!

Sometimes you really want to spend money on something you don’t really need. As much as we talk about the importance of savings and financial responsibility, it is ok to occasionally treat yourself. Here’s how to make the decision to splurge or resist the urge.

Are you feeling deprived?

If you’ve been strictly sticking to essential-only purchases for a while, you may feel super-deprived. Denying yourself even small pleasures can sap your willpower. To avoid throwing out your entire budget and undo all of your hard work, allow yourself to make a conscious decision to splurge on a purchase or experience. Be honest with yourself and your recent spending to determine whether you should be splurging at this time.

Will you miss an opportunity?
It can be OK to splurge when there’s a massive sale on an item you need to buy anyway and waiting it out means missing out on significant savings. It’s important to note, though, that this applies only to needs and items you’ve been saving to buy.

When quality matters...

Sometimes, what feels like a splurge may be an investment for the future. Here are some circumstances where it may be a good idea to go for the more expensive option:

• Quality clothing. High-quality clothing that is not uber-trendy and can last for years may be a worthwhile reason to splurge.
• Appliances. Here, too, it can be a good idea to spend a little more on a purchase that will last longer than its cheaper counterparts.
• Health care and food. If you have a choice, you may want to choose a more expensive health care provider over a less expensive one that offers subpar care. Similarly, it can be worthwhile to spend a bit more on a healthy diet.

When it’s a once-in-a-lifetime occasion...

Another time you may want to go over budget a bit is when you’re celebrating a once-in-a-lifetime occasion. A wedding, the birth of your first child and your college graduation are all celebrations that deserve to be honored. This doesn’t mean you need to swipe your way into deep debt, but you can forgive yourself for overspending a little bit on these occasions as you know they will not present themselves again for additional overspending. Just be sure not to overdo it!

Is the splurge in your budget?

A splurge may not be something that you budgeted for, but that’s part of the reason we encourage you to have some savings above and beyond your normal "emergency" fund. If you aren’t sure how to do that — or whether the budget you have can sustain the splurge you’re considering — CommonWealth One can help! Join us this Wednesday, February 7 at noon for the free webinar, "Paying Down Your Debt." This webinar will help you with reducing debt and look at building up your savings so that splurge is ok to indulge! You can sign up at cofcu.org/events. (Note: If you are interested in the webinar but unable to attend, register anyway. We'll send you a link to the replay.)

3 ways to indulge responsibly:

• Keep the splurge proportional to your budget.
• Remember that an experience can be an indulgence, too.
• Be sure to play catch-up in the months following your splurge if you’ve dipped into your savings to fund it.

We hope your splurges give you some emotional satisfaction and provide a little bit of stress relief this winter. You deserve to treat yourself, occasionally.