This month, rather than write out a monthly budget, I’m going to do something a little different. Instead of tracking my daily spending, I’m giving myself a weekly allowance. Rather than divide the money up into separate jars, like Gail suggests, the $110 will cover my food, my gas, and all my entertainment, and it has to last me from Friday-Thursday.
I have no idea how it’s going to work out but I have butterflies just thinking about it! Why? Because, when I worked out a balanced budget, I found that by doing this I’d be able to put $400 on my credit card debt. In December, I only made the minimum payment! Yes, Christmas got in the way, but that’s bloody ridiculous!
Now, the $110 doesn’t include any of my bills. My rent, bills, and debt payments will make up the rest of what’s in my budget. But that $440 is all mine. (To spend wisely, of course.)
Since it’s not easy (actually, it’s impossible) to take $10 out of an ATM, I’m going to pull $220 every payday. If I can’t make that last me for 2 weeks, well… I’m an idiot! That’s a lot of money and, with the $100 gift card I have to the grocery store, it should be even easier than I’m imagining.
Other than this experiment, I’m only making 5 goals for myself this month:
- Declutter after the move (donate/sell/toss everything I can)
- Make a financial vision board (like the one I made for LearnVest)
- Meet all my deadlines for school and work
- Run/workout 3x per week
- and, stolen from Krystal, I won’t be buying coffee/lunch/snacks during the work week!
Have you ever tried giving yourself an allowance?