... and I'm 34 years old.
I started to have an allowance when I was in Grade 6 (I think) when my parents would give me a dollar a week. It was amazing- a whole world of 10 cent candies was opened up to me.
But now that I am in my thirties, I have a monthly allowance all over again and I couldn't be more happier and content. Why?
With something that automatically tracks our expense (we use mint.com) it is really easy to track and with the roll over option (results of one months budget carries over to next month) it has been rewarding to do. Keeping a budget actually has been enjoyable.
Do you have a personal allowance and, if so, has it been successful in helping you enjoy being financially responsible? If not, do you think it will help?
I started to have an allowance when I was in Grade 6 (I think) when my parents would give me a dollar a week. It was amazing- a whole world of 10 cent candies was opened up to me.
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| Life with no budget... you have no idea how things are going financially. Picture by kenteegardin |
But now that I am in my thirties, I have a monthly allowance all over again and I couldn't be more happier and content. Why?
- It means I budget. I didn't always budget - as long as my expenses didn't exceed my income, I was happy. But living without a budget, especially when married and have children, wasn't practical and does not lead to any savings.
- It is a guilt-free set amount for my use only. When we didn't have a personal category in our budget, every line item was shared with the family (ex/ groceries, clothing, eating out budget, etc). This resulted in healthy checks of how my spending impacted the rest of the family. However, it made me feel guilty when I wanted to buy something just for myself that was more of a luxury instead of a need. Now, there is no such guilt because it is built into the budget.
- It helps me practice delayed gratification. In this day and age, advertisers and culture want you to buy things this instant. I have a $25 monthly allowance. Now, if I want something costing $70, I have to wait 3 months or, if there already, consider if it is worth using 3 months of funds.
- It helps prioritize my hobbies and interests. With a set amount, I now evaluate whether or not I want to read an e-book (that can take me 3 days to 10 days to finish/enjoy), a video game (months), a board game (years) or buy some comfort food (10 minutes, if that).
With something that automatically tracks our expense (we use mint.com) it is really easy to track and with the roll over option (results of one months budget carries over to next month) it has been rewarding to do. Keeping a budget actually has been enjoyable.
Do you have a personal allowance and, if so, has it been successful in helping you enjoy being financially responsible? If not, do you think it will help?
We have something similar. We call it "fun money." We each get $30/week and it covers eating out and treats (food and non-food items). The leftovers from the week go toward our "fun" fund (for vacations, larger items etc). One time, I really wanted to buy a paintbrush box that was on sale and T didn't really want me to get it. But then he said, "Well you have your fun money. You can do whatever you want with that." So I bought it. Guilt free. =) The rest of our budget doesn't have much wiggle room so it helps to have a little bit set aside to spend however I fancy - especially if it means getting take out on a night that I'm too wiped to cook!
ReplyDeleteGreat post Josh. We also use a similar system and have found it gives us the freedom to spend on discretionary things, but also be disciplined in following our budget for the rest of our finances.
ReplyDeleteWow, $25 a month?! Challenging...
ReplyDelete