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Money, Money, Money, Money, Mooooney....MONEY
Today is allowance day! As you may have read in my earlier post, every Monday I give myself a cash allowance. Sometimes I've gotten as much as $200 a week or as little as $50. My current weekly allowance (dictated by my budget) is $60 a week.Allowance day is special for a myriad of reasons. The first reason being, I get money, money, money, money, mooooney....MONEY (remember that song?). The second reason is, I take out the excess allowance money that I didn't spend the week before and put it in my Unexpected Money drawer (What's UM? I'll explain another day). I didn't spend much money last week and I have $30 of left over allowance!My UM drawer amount is growing. I have over $50 in it thus far. I'm not sure what I'll do with it yet. When I decided you'll be the first to know. :DDo you want an allowance too? Here are some quick steps to help you calculate how much your weekly allowance should be.1) Add up all your MONTHLY non-cash expenses (bills, savings, investments)2) Subtract your non-cash expenses from your MONTHLY take-home pay. (The amount left over is your monthly cash allowance.)3) Divide your monthly cash allowance by 4 (weeks) (This amount is your weekly cash allowance)4) Use your cash allowance to pay for items you could and should pay cash for (groceries, gas, toiletries, clothes, grooming, eating out, entertainment etc.)5) Pick a day of the week when you'll take your allowance. (mine is Monday)6) On that day, take out any left over allowance and put it in a jar/drawer/envelope. Save this money and use as you wish! (vacations, spa, shopping spree, home remodeling)7) Also on that day, go to the bank/ATM and withdraw your allowance for the week.8) Spend guilt-free because your bills, savings and investments are already taken care of!(tip: I make sure my allowance is in multiples of twenty dollars, is make it easier to get it from any ATM)-The Budgetnista
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