Friday, February 1, 2013

His & Her Money

Luke and I starting this month, will each be given $50 monthly to spend on whatever we wish :) I already budget for clothing, transportation, mobiles, Internet etc, so this 'allowance' simply falls into the personal spending category. The option is there for both of us to save the money, invest it, or spend it as we please, and as we eliminate more debt during the year, our 'allowance' will most likely be raised, which is a great incentive to keep knocking out all our debt :)

For now $50/ month may or may not seem like a lot but it's an introductory figure to our budget, and see how well the budget works with our new added spending. This also allows us to feel more comfortable working with our budget, knowing we have a little 'freedom.'

An allowance when you're an adult might seem like a strange concept for some, but when you're budgeting (whether it's a lower or higher income) an allowance for personal items is the best way not to feel 'trapped' to your budget.

Along with our 'allowance' we will begin putting money aside each month for both Lily and Jett  which they will be able to have full access to upon turning 21 years of age (or earlier depending on the circumstance.) This will have nothing to do with pocket money when they're older (which is for another blog post entirely!)

Do you have a his & her allowance? What works for you? Did you find it plausible to have a personal allowance?

Until Next Time,

No comments:

Post a Comment


Related Posts Plugin for WordPress, Blogger...
Pin It button on image hover