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Back To An Allowance

July 2nd, 2011 at 05:08 pm

Right now all our money is pooled in one account and we both spend out of it. I handle the paying of bills and recording spending. His part in our finances is earning and spending. Don't get me wrong. We do talk about these things, but often in an abstract way.

Later this month, we are going back to the allowance method for his spending. He will write the check on the first of the month for his rent and another check for utilities when they are due. This will come out of our regular account. Each pay period, I will transfer money to our second checking account for his fuel, food and miscellaneous expenses. The beginning plan is $340 per pay period. This is his to manage and track. And, if he needs more, we'll talk about it. It is a very rough estimate to start with.

We think this is the best way to handling our spending since we are in different cities. It worked pretty well to give him an allowance while he was deployed. Of course, he didn't have too many needs for spending.

I personally like this way, so that I don't have to nag. I know the amount per pay period that is his and I don't need to worry about recording it, or even judge what he spends his money on. I also think it holds him a little more accountable with the money he has available. Right now, because I record everything, I notice how quickly the money dwindles. I don't think he sees that.

We will both still have access to both of our accounts, but the second one will be set aside for his spending only.

1 Responses to “Back To An Allowance”

  1. uRabbit Says:

    I like allowances. They create a limit, per se. For instance, if you see that you still have, say, $1,200 in your account, you think, "Oh cool, I'm good." But if you see a smaller number, you're smarter about the way you spend.

    Finances is 90% mental, 10% financial.

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