How much spending cash do you allow?
Find a Conversation
| Mon, 04-04-2005 - 12:58pm |
Wanted to see what you guys thought... I am doing a little better with money nowadays and have increased my spending money. By spending money, I mean for going out on the weekends to a bar, movie, etc, buying a cheap lunch one or two days a week near where I work in downtown Chicago, candy, gum, etc etc. I've budgeted $150 every 2 weeks for this. I don't buy coffee, cigarettes, newspapers, or anything else on a daily basis.
Do you think this is too much/not enough? I know it depends on the person, but I'm just wondering what your thoughts are. My BF makes less money than I do and I'm trying to pay for more going out stuff to give him a break. But I'm wondering if I could cut back a little, because I'm not saving as much as I should be.
How much do you allow for spending and what do you spend it on?
Cheryl

I try to allow about 50$ a week for gas and food. I need about 30$ of that for gas because I work 20 miles from home. I only use 10-20$ a week for food. There are weeks where I don't need groceries 'cept for milk so then I save a little. I save what I don't use of my 50$ in an envelope. I use the money I save in the envelope for going out and stuff. I very rarely eat out, I usually cook. And as far as going out to bars and stuff, I'm a total lightweight. I'm done after two or three drinks, which is better on my liver and on my wallet...hehe...
There are weeks where I do allow a bit more cash, like if I have to get an oil change or pay a copay at a doctor's appointment or at the pharmacy. I try to not carry a lot of cash on me, because if I do I'll spend it. If I have to go to the bank to get money, the inconvience will make me think harder about spending it. This is the reson I don't have a check or debit card.
I allow $20 per week for cash withdrawls, which covers an ocassional lunch (I usually pack a lunch though), snacks at work (not every day, I try to bring snacks), occassional dinner on the run (on my way to volunteer, to the doctor, etc.), or things like that. Most weeks I can keep it to $10, but my budget is $20 per week. I consider this my "allowance."
I allow $80 every paycheck (every two weeks) for dinners out and entertainment. This covers one dinner out with my dd every week (usually $10-$20 - dd's custody arrangement provides that the week she is with her dad, I get her one night for 2 hours, we usually go out to dinner, and then we usually have lunch out one weekend day on the week she is with me), one dinner out with my bf at $30-40 (we take turns paying, and only go out the weekends my dd is with her dad), and sometimes a movie or a movie rental.
I allow $50 per paycheck ($100 per month) for clothes for dd and myself, including coats and shoes, but often times this gets used up when I go over budget on something else.
I allow $60-70 per paycheck for gas and $70-85 per month for tolls (unavoidable due to my commute).
I spend $150 per paycheck for groceries (I spend $25-50 on groceries for the week it's just me when dd is at her dad's, and $100 or so for the week when I have her - so it's $300 total for the month including all breakfasts, lunches, snacks and dinners for dd and I, detergent, soap, shampoo, makeup, toothpaste, paper products, etc.).
I also spend $60 per month on prescriptions.
I allow $100-200 per paycheck for miscellaneous unbudgeted things like gifts, household items, contacts/glasses, arts and crafts for dd, haircuts, oil changes, mini-trips (2-3 times per year), holiday things (like the Easter bunny), picture developing or professional pictures (a couple times per year), dry cleaning (rare) or any one of a gazillion other necessary things that come up infrequently and aren't in my regular budget (I didn't used to budget for this, but after tracking my spending for several months it became clear that I have unexpected miscellaneous items that come up every month).
Edited to clarify a couple items.
Edited 4/5/2005 11:16 am ET ET by firstamendment
Wow.. I want to come live on your budgets! Right now I budget $100 for every two weeks. That has to include food, gas, eating out (once a week) and anything else I might need that's not paid as a bill. I have an extra $50 a month swing room, but it gets eaten up by the dogs expenses normally.
I just keep repeating Dave Ramsey's line to myself. Live like no one else now, so you can live like no one else later. (ie, spend less now, have more to spend and invest later)
I'm with you, izzybeff. Our "discretionary spending" budget is extremely minimal. Dh finally, after his last raise (and three years into our debt reduction plan), convinced me to raise our personal allowances to $50 a month (from $10 a month). We do not eat out unless one of us pays for it out of our allowance, and our grocery budget is $100 twice a month ($200 a month).
If we do anything extra, we have to find the money somewhere--from savings, or extra money we make at our various extra things (he mystery shops, we both do market research thingies).
I love the Dave Ramsey quote, too, and keep reminding dh, because he gets frustrated at not having money to do just hang out with the guys and what-not.
Anyway, you're not alone!
Heather
Wow, great timing for this question! my hubby and I just set out budget in place this weekend. We usually didn't give an "allowance" to each other, but we needed to. If not, we felt deprived and would splurge on ridiculous things.($130 for satellite radio) So we have $75 for my hubby($40 for gas, 15 for tolls and $20 for misc). I get $60 (15 for tolls, 30 for gas ans 15 for spending.) this is the first week so we will see how it goes. wish us luck!
kel
So my weakness is definitely food, which is kinda funny. I'm 4'11'' and about 95 pounds. If I want pizza, I order it. I get in these moods where I only want to eat certain things, and i endulge it (as long as it is not steak LOL!!) As long as there is enough money for pizza (on the cheap days, I mean I do wait until they are running a special), i am happy. If either one of us really wants something...we are ok with waiting a week to get it (since we both work, usually, we get paid opposite weeks) We don't usually feel deprived of anything (except a house and time together...but we will get there someday!!!) Heather
I think it's up to you Cher how much spending money you can live on. It would depend on how often you go out and how much things cost in your area too.
I give my DH about $80-$90 out of my tip money biwkly. That includes his gas, cigarettes, work lottery and whatever else he wants. And he usually needs more before the two weeks are over! I think it's because he drives far and he puts so much gas in the car so I feel bad and give him another $20. I don't give myself an allowance, but I put gas in my SUV (yikes!) and keep a few dollars in my wallet after waiting tables~~ then I put the rest into checking to send to debt. I will keep more if I know we need something or if I'm going shopping.
I can't remember the last time my DH or I went out to a bar~ but we do like to go out to eat sometimes (cheaper places)which might equal 3-4 times a month. I usually pay for that out of tip money too. I wish I could spend less on groceries for the 4 of us, but as soon as I turn around there is no food left in the house!!!! I try to do one big trip($275) and 1 smaller one each month ($150) These trips include paper & beauty products and any gifts.
Good Posts everyone! Nicki