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Daily Spending Allowance |
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Set a daily allowance on spending, once it's gone don't go to the ATM or bank for more money. Keep track of your expenditures. Weigh them to see if you want to keep on the way you are or if there's something that you'd like to quit buying to either put that money towards another purchase or even, in a savings account.
By Terri
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RE: Daily Spending Allowance
I've done something similar where my discretionary personal spending is concerned, except it's on a monthly basis. I record what I spend on expenses that I've decided qualify as "fun money" -- in my case things like lunches out with friends, CDs, movies, clothing I don't really need, household items I could do without, etc. I keep a running total from month to month. Some months I'm under budget so I have more available for the next month. I've been doing this since January and it hasn't really felt like that much of a hardship.
I hadn't realized how much I was spending on Ebay and other online purchases at about $20 or $30 a pop. Those seemed relatively minor until I added them up at the end of last year and was shocked at the total. I reduced that total by 1/3 and then divided by 12 to get the per-month target budget I wanted for this year. It's worked well, and next year I may try cutting it a little more.
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