Though looking back I did do something similar when I was studying abroad. I wanted to save my money for weekends spent traveling or hanging out in the city so I allowed myself x amount to use Monday through Friday. I also made sure I had cash so I wouldn't use my credit card. It wasn't a perfect budget, but it helped me reign in my spending so I could spend my money elsewhere.
Shopping bans and spending fasts are popular and I think are a huge help in reigning in spending. But maybe an allowance is the middle ground between spending like crazy and completely stopping. I've never been good at completely stopping anything. Hence, my spending fast fail. Instead, I am a huge believe in finding the balance in all things in life, especially in spending. Maybe an allowance is a step towards doing that?
picture by photophonic
6 comments:
I have thought about this, and I think we're going to do this soon.
O for sure! My husband and I give ourselves fun money each paycheck and include it in our budget every month. It keeps us from nagging each other about purchases we each want.
I give myself misc/fun money every paycheck. This month I really haven't and have been spending money here and there due to a spending fast, but usually my fun money gets me through. I think everyone needs some because it helps them feel less deprived while still meeting financial goals.
My husband and I do this and it is included in our monthly budget. That way we each have some flexibility and I don't feel guilty for grabbing a coffee once in a while or get on my husband for going out to lunch. A complete fast or ban is the same reason that diets don't work. We are human.
My guy and I each get personal money every two weeks. This is budgeted in biweekly and really works for us. He can't complain about my fun money purchases and vice versa. I've also noticed that I tend not to spend as much now that I have it alloted. Instead, I like to save mine and then spend it more slowly. (This way I save up for larger purchases and enjoy them more)
I really do like the idea of an allowance and I am so glad to see it works well for so many people!
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