Question: How do you budget for personal splurge items when you're being so cost-conscious in your biz?
Splurge in Small Amounts
"I think one aspect of being an entrepreneur is that there are times when we want to take some time off to relax (if we can at all) or buy something we really want. I value vacation more because I notice that time off generates new ideas and allows me to recharge. For products, I usually look for the perfect balance of usefulness and splurge factor. I still need to justify it."
Cut Back on Entertainment
"If there's a big purchase that I want to make (and it's not an immediate need), I cut back on entertainment and set aside those savings until I have enough to make the purchase. I promised myself long ago that I'd never carry a credit card balance, and to this day I never have."
Prioritize Shopping Lists
"In the same way that an entrepreneur creates a budget and a 12-month plan, you should take a similar approach with personal expenditures. You are limited by the cash you have, so take the time to prioritize what you really want. For me, buying a big screen TV meant that I could enjoy a movie or TV show like a rich man on my rare breaks!"
Work Hard and Play Hard
"If you're going to work hard on your business, you should be able to splurge when you want to. Don't go overboard, but if something is going to make you happy, buy it! You'll be more motivated to work harder and grow your business even more."
Set Aside Funds for Fun
"In my fifth year as president, my views haven't evolved. I used to feel guilty leaving and travelling when I should be working or saving. Now I realize not only the importance of recharging my own batteries, but also having a good checkpoint for how well your company runs without you. Set something aside, and go do it."