Frugal Living Mom

Could You Handle a Daily Spending Allowance?

by 7 Comments

I was reading an article in  Good Housekeeping. The article was about a family that saved $10,000 in one year but cutting expenses.

While I didn’t fully connect with the family because they looked to be pretty big spenders ($200, grocery shopping trips, freely giving their children money, large monthly clothing budgets).. and they probably could have cut A LOT more than $10,000 a year with all they were spend. But that said, saving money is always good and the tips were sound.

One that I liked.. especially if you are new to saving money and budgets was a daily spending allowance. You just need to figure out your monthly limit and then divide by the days of that month.. and there you go, your daily spending allowance. Sure some days you will spend more and some less, but that’s OK.. I think it might just break it down more into a manageable figure.

What do you think about doing something like a daily spending allowance? I think it would be easiest with the cash method.. that way when the cash is gone for that day, it’s gone..

You can find out how I easily cut $6000 from our budget a year (And I DID NOT have a $800-1000 monthly food budget to start!)

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Comments

  1. I've never tried a daily spending allowance, but my husband and I both give ourselves a weekly spending allowance. This is our "blow money" and we can spend it however we'd like. Whether it's daily or weekly, I highly recommend giving yourself a spending allowance. Reigning in your spending will help you save and you'll also realize how much money you've been spending on the little things that aren't really important.
    Reply

  2. My husband and I started our marriage with a $30/month allowance for each of us. This helps with not being critical of each other for small splurges (a donut at the 7-11, or a meal out with a friend). (Basically the same as the "blow money" above.) It is also helpful for buying nice little gifts for each other without it coming from a joint line-item in the budget. It helps you to not feel trapped by your budget. :)
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  4. Hmm.... A DAILY allowance? I guess it could accrue... as I don't always even leave my house. We do a monthly one. It certainly has saved my husband from my financial mean thoughts, and that has probably saved our marriage. :)
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  5. OH, and can I get added to your Smart Tips and Household Tricks board? I'll comment on one of your pins there as well. Here's my link: http://www.pinterest.com/pullingcurls/
    Reply

  6. Oh wow, actually as I peruse your Pinterest board there are a few I'd love to be added to.... you have great posts. I think maybe you know my friend Katie from Clarks Condensed. I didn't realize you were you until I clicked onto your blog. Anyway I'd love to be on Frugal and Money Saving Tips as well. Thanks for your time! :)
    Reply

  7. I don't leave my house some days since I work from home and walking my dog is the only contact I get with the outside world--but a sort of daily spending allowance works for me in grocery shopping. When I do a "big shop" once a week I always end up spending way more than I planned, even when I use coupons and have my list. When I go 3x a week it is much more manageable. I look thru my pantry, fridge, and freezer and make a list and go and will spend maybe $30 each time. If I go once a week I never get out of there for less than $150 and often it is more.
    Reply

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