When creating a budget, do you leave room for entertainment and personal wants? Much like covering the necessities such as mortgage, auto payments, and other monthly bills, it’s important to carve out a little room in your budget for fun!
What Is Fun Money?
Fun money is funds you set aside for guilt-free things or experiences. A fun money budget keeps you on track to meet your personal financial goals while still giving you the freedom to spend on that things that spark joy for you. Fun budget items can be items or experiences such as attending a concert, the latest video game, a spa day, or even daily coffee runs to your local coffee shop.
Why You Should Leave Room for Fun in Your Budget
If you’re laser-focused on paying off debt and don’t budget for simple pleasures, it can quickly become easy to burn out during the process. Allow yourself to set aside funds for a specific reason with a certain amount thus creating no strings attached and no-guilt spending! This creates a healthy balance without sacrificing your goals throughout your financial journey. If you’re not on a debt-free journey, it’s still wise to budget. Setting aside fun funds can keep you on course with not overspending. This can allow you to save, invest, or repurpose the money how you see fit.
How to Create a Fun Money Budget
When creating any budget, it’s always important to take care of the necessities (such as rent) first. Once monthly bills are accounted for, divide your remaining funds into different categories for what works for you such as saving, investing, traveling, sinking funds, birthdays and holiday gifts. Create a budget specifically for personal fun – whatever that looks like to you! Make a realistic allotment to this category, even if it takes a few months to save up for your fun goal.
Make a Fun Money Savings Account
Wanting to set your fun money completely aside? Check out an Eastex Credit Union savings account to get started on your journey of fun. You don’t have to completely cut out things that enrich your life and make you happy; you only need to budget for them! Talk to an Eastex representative today for more questions on budgeting and saving today!