Giving myself an allowance

For awhile I have done this, but only sporadically and never consistently. I read on blogs where people give themselves no money for 'extra' or where there is a set amount given each month. I find it so interesting to read how people feel about this topic and whether there should be any allowance/spending money allotted if the ultimate goal is debt reducing.

I can remember a few years ago when I tried the allowance thing with envelopes for each week, I was giving myself a ridiculous amount of money...I believe it was $140 a week, which is craziness.

The biggest difficulty was deciding what I was going to use my allowance for. I've changed the list many times. At first I had my salon (perm/colour/cut) as part of it, but this never worked out the way I wanted it to so I created a main budget line for it. If I use it, it's there. If I don't, I hold it over in my savings, mentally marked 'salon' for when I do go.

I've plotted out my trial budget and have allotted myself $40 per week for this. The kinds of things I would use this for are personal grooming products, the latte factor if I go grab a coffee for work, magazines if I let myself buy them or if I go out for lunch without the family...on my own during the work week or with a friend.

One of my goals this month was to keep a running tally of how much I used, where and how much I had left. Wow it sure can go fast.

The first week back to work had staff eat out lunches 3 of 5 days so there went a good chunk, even with making frugal choices. I also hit take out coffee a few too many times so the $2 here and there added up too.

Sure I could have not allowed this sort of expenditure but then it honestly would have just got sucked out of the household, groceries or dining out budget lines.

My hope that at least this way, I would be honest about what I was using it for and THINK before I used it, which is one of the main goals of becoming more money aware.

IF there is any left at the end of the month (that's a big if) then I will tuck it aside in an envelope for a month, just in case. Some months run higher depending on when your hair care, contact solution, make up etc run out. The leftover money will sit in the envelope for a month and if it is not used, then it will go towards debt and the new month of 'leftovers' will go in.

I'll try it and see. It makes it more like a game for me and that will keep my attention longer.

I probably sound crazy. lol