At the end of a long day fighting the perils of modern life, there’s nothing like a little sweet treat to lift the spirits.
It’s become a phenomenon, so much so you’ll rarely ever see someone out and about without a drink or a delightful little snack in their hands.
I love a sweet treat – or any kind, in fact. Madhurima Haque
Personal finance expert Andrew Woodward tells nine.com.au that these purchases serve as a “feel-good YOLO response that we all succumb to, mostly to make ourselves feel better with everything else that is going on in the world that isn’t fun or positive”.
“So these impulse buys feel like little rewards or compensation for getting through life. Ultimately, even though there is food at home that is perfectly useful, the temptation of a ‘sweat treat’ and convenience overcomes the ‘right thing’ to do, and we take what feels [like the] more rewarding option.”
Andrew Woodward is a personal finance expert. Kyle Spyrides
I most definitely subscribe to this mentality, but as of late I’ve been noticing my expenditure getting higher and higher.
I decided to stop turning a blind eye and instead track my purchases to see how much I really am spending on these frivolities.
In my case, I’ll be including not only small treats but also meals eaten at restaurants, as I also consider that a “treat” – especially when there’s food already in the fridge.
Sweet treat tracker
Tuesday, June 16
7:10 am – I didn’t think the treats would start so early, but my walk to the train station had me absolutely frozen from the inside out, and before I knew it, I found myself ordering a flat white from the nearby café to warm myself up before hopping on the train to work.
Price: $6.50
11:10 – After a few hours of working hard, I decided to grab a hash brown from McDonald’s after seeing a deal for $1 on the app.
While I was there, I also grabbed a bottle of Coke from a nearby Sushi Hub because I thought it would be the same price as one from the Woolies Metro across the road. It actually ended up being 70 cents less! Score!!
Price: $1 + $4.20 = $5.20
Total for Tuesday: $11.70
$1 to start with isn’t too bad… Madhurima Haque
Wednesday, June 17
12 pm – I made the grave mistake of dropping by a Woolworths Metro while hungry and ended up with a spontaneous snack haul.
I went in to grab a Dare Iced coffee (anyone who knows me knows I’m a fiend for them).
But I couldn’t pass up some freshly made grilled salmon sushi (my favourite kind), as well as a packet of chips for later, and a packet of waffles that I figured I could heat up for breakfast in the office kitchen’s toaster for the next few days.
Price: $34.29
Now I finally had a chance. Madhurima Haque
4 pm – After my shift finished, I decided to go into the city and have a look at a dress I had my eye on. But as I exited the station, I couldn’t help but notice that one of the hottest new venues in Sydney, Park Street Diner, looked quite empty before the dinner rush.
I had been wanting to visit for ages, but every time I passed there were always huge crowds. Now was my chance.
I went in only wanting to order a side of their mac and cheese, but when the man sitting next to me had a mug piled high with whipped cream and marshmallows, I couldn’t resist getting a hot chocolate. And let me tell you, sipping from the mug of delectable hot chocolate while sitting at the bar of an almost empty diner made me feel like a character from a movie
Price: $23.85
Total for Wednesday: $58.14
Thursday, June 18
5:21 pm – I made plans with my friend to have an early dinner in the city, so I restrained myself when it came to sweet treats today.
Price: $24.23
We had a Tom Yum Noodle Soup, and I got a Coke from Woolies afterwards to wash it down.
Price: $4.45
Total for Thursday: $28.68
Friday, June 19
11 am – I took my cat to the vet and decided to visit the little cafe nearby while I waited. I knew it would take a while and I felt bad for only ordering a coffee, so I decided to get a light brunch of birria tacos as well. As I tapped my card I realised it actually ended up being quite a lot – but then again, the price didn’t hold a candle to the vet bill I had to pay.
Price: $25.45
7:13pm – For dinner I ended up getting good old Maccas as there was a deal on the app. After running around all day, I had no energy to cook.
Price: $17.85
Total for Friday: $43.30
Saturday June 20
1 pm – I made plans to grab a late lunch with a friend, but before that I ran some errands. And if course, we can’t run errands without a coffee in hand. I opted for a speciality coffee this time, a Belgian Chocolate iced mocha, and it was every bit divine as it sounds.
Price: $8.09
4 pm – I ended up choosing steak for dinner – and though I knew it would set me back, I hadn’t had it in ages, and I was really craving it over the last two weeks. I also got a lemon lime bitters to go with it.
Price: $50
Ice cream is always a good dessert. Madhurima Haque
Afterwards, I suggested we get an ice cream. I got my favourite, salted caramel and white chocolate.
Price: $6.90
Total price for Saturday: $64.99
Sunday and Monday are the days I work from home, and so mercifully I don’t tend to spend any money.
Total for the week: $206.81
However, if you add up the full meals, they come to$110.08, and so the amount spent on small treats themselves comes to $96.73 (here you witness my last-ditch attempt to try to justify my spending).
So, it turns out that I’m spending a large chunk of my weekly pay on things that give me fleeting joy.
But if you asked me to give them up, I would undoubtedly hesitate. So often, they are the things that keep me motivated throughout the day.
As soon as I tapped my phone I realised what happened. Madhurima Haque
Like many Gen Zs, I have given up on the dream of the white picket fence, the fancy car, or the yearly holiday. I don’t have any big purchase goals I need to budget for, and so I have filled my daily life with tiny hits of dopamine that come from the purchases.
This also means that I don’t have a clear budget. I never believed in them; I always thought they were too strict for the flexible nature of life.
Woodward believes the same and shares that having a restrictive budget can have the adverse effect.
“A budget doesn’t create an environment for success with money, and as a result, money leaks out of the budget without even knowing it.
Can’t run errands without a coffee in hand! Madhurima Haque
“The solution is having a plan for your money that directs it where it needs to be when it needs to be there.
“The plan structure, which is your bank accounts, will then show how you are tracking and keep you on target,” he explains.
But this doesn’t mean you can be without discipline, he adds. Doing things like wanting to save and then regularly treating yourself is contradictory and confusing.
“If you have put a money plan in place with some rules, and regularly break them, then yes you are doing more harm than good. You are effectively telling yourself, your money mindset, that the rules don’t really matter, and in the long term they stop being rules or guardrails and just become something you tell yourself you have, but they do nothing for you.
“There is nothing wrong with having exceptions, but when they are an exception, you tend to recognise that fact and know that you have rules that you intend to follow and don’t let an infrequent slip or allowance derail the money plan and rules.
Then again, beating yourself up about your purchases can also affect your relationship with money.
“In the end, success with money is about being consistent, which doesn’t have to mean being perfect. Allowing yourself some freedom for treats is what will actually ensure you are more likely to succeed.”
“Aussies tend to focus only on what they feel is ‘bad’ spending, like takeaway or coffee, but ignore what they could have saved through everyday habits.
“Being attracted to discounts without looking at other ways or a better deal is common. If you’re going to spend anyway, it makes sense to get something back where you can.
He suggests simple things like using cashback sites when buying groceries or shopping online as a simple way to reduce costs without giving things up completely.
“It’s about being more intentional.”
I will for sure do so by actually mapping out where my money goes and reducing my sweet treat intake.
No promises though.