Save for retirement. Save for an emergency. Save for bail money after you snap and injure your boss with a banjo. All of that is valid money advice, but one thing that seems to get overlooked is saving for fun!!!
Here’s Five Fast Facts About Fun Money:
- 🔒 Lockdown - Saving every cent for the future is only sustainable for the short term. Eventually the dam is going to break and damn, you’re going to wind up binge-spending, potentially wiping out that savings you’ve built up. Total restriction is a bad thing.
- 🫴 Gimme - Fun money has an intention. It’s not a license to go on a spending spree. Use it for something you don’t need but really want.
- ⚖️ Fine Line - The trick, experts say, is balance. For example, you can reward yourself with a night out every time you’ve saved a set amount. Go get sushi when you’ve put $500 in that bail fund, for example.
- 🧮 Simple Math - One suggestion is to stick to the 50/30/20 method: 50% of your paycheck goes to essential living (food, housing, bills), 30% for personal spending (aka “fun money”) and 20% for financial goals (savings).
- 😎 No Regrets - More important than anything else is that you spend that money guilt-free. You’ve saved that 30% for a reason and it’s yours to spend however (reasonably) you want.
🔥Bottom line: Fun is good for your mental health. Fun requires money. That could be anything from lunch out to a weekend away to an evening at the movies. So treat yourself from time to time or you’ll wind up bitter and miserable.
How much do you need to have a legit amount of Fun Money?
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