Tuesday, July 12, 2011

Bugdet: Allowances (for adults)

 When my husband and I were running our businesses (before he became disabled) we found it difficult to set up a budget. I tried to keep most of our bills as low as I could but because we were self-employed our income varied from month to month making it difficult to budget. But, since he became disabled our income is pretty much fixed. One benefit is that I know how much is coming in each month and can budget accordingly.

The best advice I received concerning a budget is to assign an allowance for both husband and wife. We would have saved ourselves a lot of fussing in the early years of our marriage if we had followed this advice.

I've allowed $40 a month in the budget for each of us. We both love having an allowance because:

- An allowance allows us to buy something special.
- An allowance helps us not feel deprived from a restrictive budget. (we're spoiled Americans!)
- We can save our allowance for bigger purchases that could not otherwise be afforded.

This past week I spent my $20 allowance on a haircut. I've been cutting my own hair and imposing on friends and family to give it a whack for nearly 2 years. It was long overdue for an even trim. I've also used my allowance to spend extra on the grands birthday gifts, purchase new clothing and a 'girls day out'.

An allowance cuts down on the temptation to argue over money. When one spouse thinks a decision to spend money in a certain area cannot be afforded then an allowance could be used.

An allowance is not just for kids! :-) 

I'm thankful for my allowance!