Updated: Mar 28, 2019
When you were a child, remember how exciting allowance day was?
Oh the fun! The day-dreaming of what to buy! How to get what you want – save it or spend it. Didn’t matter, it was YOUR money!
That doesn’t go away as we get older. No matter how much money you do or don’t make, the best was to make sure you adhere to your budget….drum roll….give yourself an allowance!!!
How much to give yourself?
Well that all starts with your BUDGET! How do you know what you have left over for you, if you don’t know how much have to begin with it. A budget is not about income, it’s about expenses. <- YEP, in bold! Read it, live it, learn to love it
The fun part of budgeting to pay down debt, is that once you see your debt decreasing, you might get super excited and decide that you want ALL your money to go to debt. Don’t do it. You will not like it, love it or be able to stick with it. Creating an attainable budget doesn’t mean you have to sacrifice EVERYTHING! Give yourself a little treat for shopping, eating out, whatever it is that makes YOU happy.
In your budget, write it in as if it were a normal monthly bill – just like the electric bill.
Ways to get your dolla dolla bills you ask?
1. Classic envelope method: Pull out cash, put it in envelopes and that is your fun money for the next week or two (allowance day in my house is pay day)
2. Open a checking account: Find a bank with a no balance minimum (they do exist, I have a few accounts) and open your own checking account. My husband and I have separate bank accounts for our allowance money. Works like a DREAM!
If you have money left over, GREAT! Buy something or save it! If we have money left over, which isn’t often we will occasionally move some into our vacation fund account. Not a lot, but a little bit adds up!!!
The point is, you don’t have to sacrifice fun for budgets or to pay off debt. You might have to reign it in, but you don’t have to give up on FUN!
As always, reach out to me for help!