Do you have fun money or an allowance?

[cseca]

Heck yeah!
Our fun $ goes to eating out and entertainment (movies, ice cream, etc.). Anything that we need to decompress.
And we don't necessarily HAVE to use every single cent. Just like all of our budget line item if there's a leftover we'll roll it over to the next period. Some weeks we do really well, some we don't. But we always try to stay in budget.

If we don't have a fun $ I'd be going nuts ...

 

[charming23]

I take all of our coupon savings and put it into an account for fun days. We use it to go to the zoo, museums, down to Amish Country, etc. It helps in the budgeting for us.

 

[Pastamom]

We don't have a set FUNd (I like that term.

We tend to look at the big picture. We like to vacation - some people would see that as wasteful, but we feel it provides some quality family time, memories and experiences we wouldn't get at home. I often get asked sarcastically where are you going now? This is our FUNd. We tend to skip overnight/weekend trips (waterpark hotel, etc) in favor of the bigger trips, but that's just us.

We also do things like bowling, go to the zoo or museum, etc, but try to get discounts etc. We also have a great nearby beach that we can go to in the summer for $2/day

DH and I are both pretty good about spending so it hasn't been as issue. Just working on him to look for sales before buying. He is more likely to suggest going out, etc, but when I say to him is it worth the $70 it's going to cost us, we think about it and decide together.

I don't think there is a right or wrong way, just what works for you and your family.

 

[Tiger926]

Thanks everyone for your responses. Here are my thoughts:

1. We don't carry cash at all. All bills (except for a few that auto come out of back), are paid on credit cards. The few credit cards we have are also auto deducted each month and paid in full from our household account. We do not carry cash, as again, that would be problematic for my hubby. So, any little fun purchases would be put on VISA, and it was a problem for my DH. He likes it set up this way, as it helps him, so that's the way we do it. Plus, we get cheques back at end of year for our purchases or points, that we trade in for gift cards.

2. We do not have joint accounts at all. We don't feel this is a good way to deal with our household expenses. This way, all spending can be seen by the other. Our biggest expenses are: kids (LOL!), mortgage, property taxes, gas and food. We each get what we need, so I guess it's working out!

3. I have a very itemized budget, and so everything is accounted for. If we make small purchases like buy the kids ice cream, it comes out of the household account and gets counted as food. If we buy a Disney DVD, it goes under entertainment. We do not have separate fun money or allowances in which to blow on anything. I am very micro and detail oriented in my thinking, so there is a place for everything. Perhaps I'm too detailed oriented at times, which is why I started this thread, to get more info. But, since my hubby has had spending issues, I have had to put strategies in place that work best for him, our marriage and our household.

4. We have multiple accounts, and everything is paid in full each month, and we have no debt except for our house, which should be paid off in approx. 7 years. Everything is covered: education funds, retirement, multiple savings accounts, household and vacation accounts.

It's really interesting to see the responses, as I've been trying to wrap my head around this concept, but I can't justify spending 20.00 each (40.00/week) x 4 weeks for 160.00/month out of a fun account, as that is a week of groceries! We do not go out to eat, go to movies, visit Starbucks/Tim Hortons, eat fast food, etc. We do lots of familiy things though that are budgeted: annual passes to zoo, museum, Disney, etc. We are taking the kids on a weekend getaway this weekend, and money is coming out of household account, as there is always a healthy balance in there, and it gets itemized on vacation budget line.

We do consult each other on pretty much everything, and so having separate accounts, and having each of us spend money that the other doesn't know about would absolutely not work out. Most of my friends and family are the same way as us, so it's interesting to see the responses on here, as it has given me more to think about.

It's taken a long while to get hubby over to my saver way of thinking, so this works for us. I have asked him if he feels restricted or financially neglected in anyway, and he says absolutely not, so I don't think we need a fun or allowance account at this time, but I really wanted to get other views on the subject.

Thanks so much, Tiger

 

[JaymeC]

No, we don't. Having said that, we're both also to the point where we don't question if the other one goes out and buys something. We've both hit a point where we trust each other, and the other's spending habits. Therefore, if you say that milkshake (or video game, or book) was important to you, then hey it's worth it. It goes into the book budget (yes, we have a book budget), video game budget (yes, we have that too), or whichever budget heading it normally falls under.

We don't see that money as wasted money. We see that money as money that improves our quality of life, gives us a little mental break, and makes life a little bit better. We use it responsibly. I know if I go out to eat all week with co-workers I'm not going to have the money that weekend to take my family out to eat... and I balance that as does dh.

You gotta do what you gotta do to make life work for you. If blow money works for you, go for it by all means.

 

[ilovemk76]

We don't rallyl have a name for it or a set amount. Each week we add money to our wallets that we can spend for eating out at lunch, a candy bar, soda at work or the like. We don't use it for purchases. The amount we add is not a set amount but we just replenish what was used. We account for it under "work money", since during the week is where that money gets spent.

 

[Kate and Pete]

We budget "blow" money each month - $100 for each of us. This is for all the little things we might want, but don't need (if DH needs new pants, it comes out of our budget, not the blow money!).

Neither of us questions the other as to how this money is spent (or not spent - DH is saving up for something big!). It's our money to "blow" as we wish!

 

[sarah4770]

.

 

[Tiger926]

All I can say is, I would hate to be controlled like that. If my guy told me I could,t have a few bucks in my pocket, after working all week, well, he wouldn't be around.
You can be responsible, and fund all those different accounts, but as an adult, I wouldn't answer to anyone about the 5 or 20 bucks in my pocket. That would make him more my jail-keeper than my partner.

Well, that's nice. Why not just say you don't agree with it?

You musn't have read my posts. Neither of us carry money, and we are both on the same page about saving money, and we both agreed to the different budgets we have in our household. We are both working professionals, so we both work hard all week, not sure what that has to do with our household budgets?

Thanks for your thoughts, Tiger

 

[mhsjax]

I keep reading on different threads about blow or fun money, or weekly allowances. Just wondering how many of you have these?

We do not do this, as I find the concept to be wasteful spending. All of our accounts are joint accounts, so if we need to purchase big things, they are reviewed and agreed upon by both of us. Middle of the road stuff, like new shoes for the kids or clothes, are mostly purchased by us together, as we shop together, but I do make online clothing purchases that DH doesn't know about, as I am mostly responsible for the kids' wardrobes. And we don't purchase things like coffee, fast food, manicures, etc. which is stuff that I see fun money being spent on.

Hubby has struggled with spending issues in the past - he has gotten much, much better, as they are emotional in nature, stemming from bad family issues, so if he had an allowance or fun money, it would get wasted, and this would bother me. I am a pretty mature and responsible gal, so the whole concept of money that gets spent on frivolous purchases just escapes me. I know DH would probably like it, but not having it helps him, as he would waste money on little things that he didn't need like chocolate bars or milkshakes, as he used to do this, and it was a problem.

At this point, I am in charge of finances, as I have no impulse or control issues, but neither of us really sees the need for individual fun money accounts/allowances, so I was just wondering how many of you do that, and why?

Tiger

That is why it is called blow money or fun money, so you can blow it. I couldn't live you do. If your DH wasted his blow money, so what, that is what it is for. This is done after savings and bill paying. I guess you never spend money on something frivolous. And sorry, but I do manicures and pedicures, actually my DH insists on them because he knows that I love them, they are my one guilty pleasure and he understands that.

You also said that you buy clothing on line without your DH knowing about it, if you are handling the finances, he probably doesn't get the opportunity to buy something he wants without you knowing. Sorry but this doesn't cut it in my world. Even my dad, who was the world tightest man, grew up in the depression gave my mom blow money, in fact he gave her money to run the house, and after it was gone, she was free to do with it whatever she pleased and he always made sure that she had plenty left over.

 

[bellarella]

From what you have written, it sounds like you are putting your own spin on people's "fun money" accounts and then judging them by that.

It doesn't sound like you don't spend on the same things as other people. It just sounds like you categorize them differently. Having an "entertainment" budget item is a luxury. One that a lot of people don't have. One that many people would call their "fun money" account, so I fail to see why you think you are so different than everyone else?

Do you "make" yourself spend your entertainment account? Why would you assume that people who have fun money "make" themselves spend the money on things they don't need?

If anything, I'm guessing that having a "fun money" allowance is a more efficient way for some people to keep control of their budget than the system you have set up. From the sounds of it, non-necessary purchases (wants) get scattered among various categories in your budget. Your "fun" purchases can be harder to track than someone who has a special line item for them. Your ice cream is in one place, your dvd in another, a household item that isn't 100% necessary would be in another. That works for you -- great! But suggesting, as your posts seem to, that your system is more responsible and mature than ones that group all of these purchases into one line item seems not just judgmental, but incorrect.

 

[ForTheLoveofDisney]

I haven't read all of the posts but here is what we do.

We have everything budgeted in our house down to the penny. Mortgage, house repairs, new car fund, clothes, dry cleaning, Haircare (haircuts, etc.). You name it, it's in there. We have strict financial goals and we do a great job sticking to the budget.

We also have a very small line item in our budget and give a few dollars the name of "blow" money. This is money that DH and I are each alloted to spend on WHATEVER we want, without asking for permission or checking with the other. It isn't very much. We do $20 each, each pay. Like I said, it's not very much but there is something emotionally freeing knowing that this is my money to do with what I like. I work for it, I should be able to have the emotional freedom to spend it how I like even if it is only a few dollars on a milkshake.

 

[mhsjax]

Well, that's nice. Why not just say you don't agree with it?

You musn't have read my posts. Neither of us carry money, and we are both on the same page about saving money, and we both agreed to the different budgets we have in our household. We are both working professionals, so we both work hard all week, not sure what that has to do with our household budgets?

Thanks for your thoughts, Tiger

Sorry but your first post sounds very controlling, you wouldn't want him to waste money on a candy bar or anything like that? Sorry, but if my DH had this attitude, we wouldn't be married.

YOu put it out there, so you are going to get opinions, and you do sound very controlling. I don't work outside the home, and DH makes sure that I have money as my own to blow. I darn sure wouldn't let my spouse tell me that I couldn't my anything frivolous if I did work outside the home, it would be divorce court as fast as my legs could carry me.

YOu also said you are too detail oriented, well again my dad was extremely thrifty and had everything balanced down to the exact penny, in fact he would be mortified that you or me for that matter even used a credit card, that wasn't a good way for him to spend, he had to knew exactly where his money was at all times, and he paid cash and cash only, including for his houses and cars. And he didn't make an extreme amt of money and he left more money to us kids than a lot of people retire with. My point is this, I am not bragging about my dad, like I said he didn't make that much, very middle class, but he was very detail oriented. He made sure my mom had blow money and so did he. What you are is controlling, and sugar coating it with detail oriented. Sorry, but it is a habit that a lot of people have, including me, I am a control freak, which is why blow money works. YOu don't have to control that, it isn't your business.

 

[taaren]

Yep, firmly believe in this. I don't want to know what DH spends on his hobbies, and I have my splurges that I don't feel should come from our joint money. So, we have separate "mad money" accounts, most of which came from birthday presents/xmas presents for seed money, then when we do side jobs or sell something of our own on ebay/craigslist we put that money into our separate mad money accounts. I don't think I've seen mine get above $1K, and we don't regularly fund it like we do our joint vacation account/various other savings. I had this account for myself when I was single to keep my birthday money separate to remind myself that treats are good occasionally, and my in-laws regularly have garage sales so they can have their mad money to blow in Vegas so DH was already used to the idea. The concept is good. Its nice to know the $$ is there, and when its gone then you don't feel like you can be extravagant for awhile until more shows up.
If you don't feel like you need it don't use one, but it can definitely help ease one's mind and take potential causes for stress in a relationship out of the equation.

 

[jodifla]

From what you have written, it sounds like you are putting your own spin on people's "fun money" accounts and then judging them by that.

It doesn't sound like you don't spend on the same things as other people. It just sounds like you categorize them differently. Having an "entertainment" budget item is a luxury. One that a lot of people don't have. One that many people would call their "fun money" account, so I fail to see why you think you are so different than everyone else?

Do you "make" yourself spend your entertainment account? Why would you assume that people who have fun money "make" themselves spend the money on things they don't need?

If anything, I'm guessing that having a "fun money" allowance is a more efficient way for some people to keep control of their budget than the system you have set up. From the sounds of it, non-necessary purchases (wants) get scattered among various categories in your budget. Your "fun" purchases can be harder to track than someone who has a special line item for them. Your ice cream is in one place, your dvd in another, a household item that isn't 100% necessary would be in another. That works for you -- great! But suggesting, as your posts seem to, that your system is more responsible and mature than ones that group all of these purchases into one line item seems not just judgmental, but incorrect.

Yes, ITA.

We ABSOLUTELY have a bit of fun money each week. We ABSOLUTELY go out to dinner once in a while, get milkshakes, buy an overpriced Starbucks coffee, a bottle of trendy nail polish. And some times I don't spend my fun money at all, but save it up for a nice gift for my husband or some larger item I'd like.

I only get one shot at this life and there is no extra points for depriving myself just because I can.

 

[lurkernj]

Not really an allowance per se, but each week on Friday I take $100 out of a designated "miscellaneous" savings account (gets larger deposits twice a month, the rest gets saved). That is to cover cash expenses through the week like kids lunch money, wendy's, ice cream, movies if kids go with friends. It does seem lately that by Monday I'm broke and I haven't actually spent any on myself (those kids are like leetches)!! DH and I use credit cards for other things like going out to dinner or family outings, and pay it off at the end of the month. I do occassionally get a manicure or a coffee, and that comes out of the $100.

 

[mhsjax]

Yes, ITA.

We ABSOLUTELY have a bit of fun money each week. We ABSOLUTELY go out to dinner once in a while, get milkshakes, buy an overpriced Starbucks coffee, a bottle of trendy nail polish. And some times I don't spend my fun money at all, but save it up for a nice gift for my husband or some larger item I'd like.

I only get one shot at this life and there is no extra points for depriving myself just because I can.

I love that last line, I may use that sometime, if it is ok. I see this a lot here on the budget board, and I never really could put it into words, but you summed it up very well.

 

[nunzia]

We each get $20/week allowance. (I agree the term is demeaning, but we don't seem to be able to choose and use a more positive one). We get it in cash every Friday.

It has been a huge help to our marriage.

DH was an impulsive spender. He has improved a lot, but we struggled with the issue for several years. Now, as long as he is only spending his allowance I've learned to keep my mouth shut.

I tend to squirrel mine away for a trip or just for having savings growing.

One big thing is that when we buy gifts for each other now, they are true gifts. I found it hard to feel romantic when DH gave me a dozen roses and then I had to figure out how that worked into the budget.

We also have a small "FUNd." That money we decide together how we are going to spend.

Exactly. In fact this issue just came up..not the gift but the need for 'allowances". DH hardly ever spends money, but when he does, he does it without thinking of where it is coming from..we keep the budget pretty lean, so really..I don't have much extra room unless I know ahead for things and can plan. This week: ended up going to a baby shower I didn't think I'd be included in and DD and I went in on gift, but I paid, so there was $40 debit gone not counted on..then..saw a clearance at Walmart on HP Legos, great gifts for 2 DGS, so $40 debit more gone. Wiggle room now pretty much gone. So, when DH decides spur of the moment without me being around to know about it to take DD and DBIL out to breakfast, that was another $30 debit not counted on. So much for the cushion I keep for things that pop up. He has never wanted to get cash weekly, but I'm forcing it on him now so he can do these little things when he wants without me having to budget it. Yes, I know I spent also, but the difference is I do all the finances and know what the cushion is..he just whips out the debit card and has no clue if there is any cushion there or not. So..Cash for him from now on

 

[sarah4770]

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[sk!mom]

I just don't get the concept as necessary for us. I didn't say that we don't buy milkshakes or ice cream once in awhile, but I see blow or fun money as having to be spent, so that seems wasteful to me. I see people mentioning that they feel they have to spend that money on themselves, so I have a hard time with that, due to my saving nature.

I also didn't say that people who get manicures or buy daily coffee are not mature or responsible. I am frugal, and strict with our finances, so this was what I was referencing. The concept just alludes me...so spending money on little things that add up, such as coffee or manicures is not a good purchase for me, as I don't find value in them. I really don't feel the need to have money set aside for me, so I was just wondering how many people do have fun money accounts/allowances?

Sorry, as I didn't mean to offend or judge anyone. If we want to purchase an ice cream, we go as a family, and get ice cream. If we want to purchase a new DVD, we purchase it. I do have to watch DH's spending, so he doesn't really purchase these things on his own[/COLOR], as it was very problematic in the past. We just don't have individual fun money accounts that we get to spend on whatever we wish, so for those who have those accounts/allowances, it's interesting to me.

Thanks, Tiger

I'll start off by saying that if this works for your family, then no problem and it's really not for anyone to judge but since you asked for opinions. Here goes, there are a lot of "I's" in your posts.

This would never work for me or my DH. I don't want to control him and every penny and wouldn't be happy if he did. It would seem less controlling to set up some personal money in the budget so that your DH can make small purchases on his own. A set amount would help a spender so that they didn't overspend while eliminating the controlling behavior.

DH and I married at 18 and in those early days we didn't have the discretionary income that we have 30 years later. At that time, we did each take a small amount each payday to spend as we wished. This was a time period when we had to control every penny and that pocket money kept either of us from feeling controlled. Over time, we no longer needed to budget so closely and no longer do this but it worked in those early days.

Again, if your way is working for you both, then well-done.