It’s OK to spend money on yourself – really

People who spend too much outnumber, by far, those who spend too little. But the methods that therapists and financial planners use to help “underspenders” can guide the rest of us about when it’s OK to splurge and when we should resist.

Chronic underspenders can be so terrified about running out of money that they put off health care, ignore needed home repairs or descend into hoarding, says financial planner Rick Kahler of Rapid City, South Dakota. Framing certain expenditures as an investment and creating a plan that helps them see how much money they can spend without causing financial ruin can ease their distress, he says.

“‘Spend’ is not a good word to a frugal person,” says Kahler, author of “Conscious Finance: Uncover Your Hidden Money Beliefs and Transform the Role of Money in Your Life.” ”It connotes waste.”

In my latest for the Associated Press, why it’s important to spend money on yourself, even when you’re trying to save.

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