Need advice on "personal allowance" amount

**Daydream Believer** · 07-18-2006, 01:04 AM

I am trying to figure out a budget for DH and I - and I am lost on trying to figure out a weekly personal allowance for each of us.

(He has hobbies of golfing in the summer months and curling in the winter months. My hobbies are mostly crafty type.)

What kind of money amount do you allow for on a weekly basis?

**sunshine** · 07-18-2006, 08:01 AM

Well, what are you spending on those things now? If you decide to cut them back, you each should feel the "pinch" equally. Meaning , if he's spending $100/week and you're spending $25 a week, you should cut each by a percentage-- not say, we'll cut his by $20 and your's by $20---

In our house, our wants are small-- so I get $20/week and he gets $10/week. (he doesn't work, so doesn't have the office things to splurge on, like going out with coworkers occasionally, gifts for birthdays, weddings, babies, etc.)

**guest32** · 07-18-2006, 08:56 AM

We do ours monthly....we each get 100.00 a month. We've been doing this about 8 months and it's worked well so far.

**MandiDawn** · 07-18-2006, 11:13 AM

I get $50 a week (but I smoke, so that's $40 a week right there).

**tlenad** · 07-18-2006, 11:27 AM

It depends greatly on what your expenses are. With me I go out with friends once a week usually for dinner and a movie so I know that for two weeks I need around $60 to not feel like I'm cutting all the fun out of my life. So weeks I need more some weeks I need less so I'm hoping that this will work out long term for my mad money.

Other people may need more or less depending on what they enjoy.

**ironmaiden** · 07-18-2006, 11:47 AM

Well, how often is he playing golf in the summer and how much is the green fees. Is he stopping for a bite drinks with his buddies afterwards?

Since your only debt is the mortgage, there's no reason to go for severe cutting back. Figure out what the rest of the bills of the household are - including utilties, car gas, insurance, etc. And then what's left over. Then how much of that should go to savings vs. spending money. How does that figure compare to weekly golfing. And curling I'm sure is a different cost. So it is reasonable to have a golf season allowance and a curling season allowance.

As for the crafts, realistically, what's your back surplus of supplies? Maybe you need a couple months of no spend on crafts to go through some of what you have "stocked up" on.

Finding that balance between having a life and saving is hard ...

**ewokgirl** · 07-18-2006, 11:49 AM

As far as cash is concerned, I usually give DH about $15/week. That's so he can eat out at lunch at least once, and buy any cokes or whatever he wants. Other things I'll write a check or use the debit card for. Neither of us usually buys very much, so I haven't ever really set down a budgeted amount (should really do that!). I'd say that we each spend maybe $50-60/month on personal spending.

**banana** · 07-18-2006, 01:22 PM

We really dont give ourselves and allowance at all. bummer! DH carries between $10 and $20 in his wallet in case he does need something or if I call him at work and ask him to stop at the store.

**pkellyc** · 07-18-2006, 02:37 PM

We don't budget anything we take money on a as need basis. We have household cash that we both draw on. Dh has a pretty good idea what is and is not acceptable. Taking money out of the bank or charging anything is an absolute no. Golfing is an expensive hobby, I feel sorry for you. Has he ever tried bird watching? (just kidding) I guess you need to budget whatever it is that you feel you will need or can afford.

**Nantahala** · 07-18-2006, 03:12 PM

We have a budget for entertainment but that's about it. No blow money for us at this point.

**danni** · 07-18-2006, 04:00 PM

Dh and I get $20/mth each and the kids get $5/mth each. It's not alot but we are focussed on building this EF and then getting rid of debt.

**Michelle68** · 07-18-2006, 07:15 PM

DH usually gets $50/week, but that has to also cover his gas for the week and since he works part time delivering pizzas, he probably uses at least $40 or so per week just for gas. I don't normally take an allowance, but I don't usually find the need to buy a lot and if there is something special I let DH know ( even though he says he doesn't know why I tell him because I don't buy that much stuff for myself anyway) and budget for it. Although, when DH brings home a lot of change I usually take all the nickels and dimes and put them in my wallet. That can equal anywhere between $5-10/week so I guess that counts as my "mad money" (as DH calls it).

--Michelle

**Telephus44** · 07-18-2006, 10:25 PM

DH and I each get $500 per month (mine comes as a lump sum at the end of the month, his is $250 every two weeks - that's just how our paychecks work). I think this is a little high, but DH was a bit of a "spender" when we first got together, and we can afford it right now, so I figured it was worth it to have a bigger allowance to get us both on the same page without either of us feeling deprived. Since DH's hobbies are all computer related, they are a lot more money than what I usually spend.

I put AT least $120 of mine into my savings every month.

**Daydream Believer** · 07-19-2006, 12:46 AM

Thanks for so many replies!!!

Here's why I am asking.....

We are in the process of finishing some "projects" in our house to put it on the market. And we are going to down size and build a little bit smaller, one level house. We do have equity in this house and own our land. And although we will still have a mortgage, it will be less than what we owe now. I have been spending hours trying to calculate just how soon we could possibly pay off this new mortagage. With the money we get from selling this home, we plan to pay off the $16K van loan and use the remainder as a down payment on the new mortgage - which would probably be right around $80K.

DH is eligible to retire in the spring, but said that he would work a few extra years. So I have been trying to figure budgets various ways: 1) With DH and myself still working -or- 2) With DH retired and me still working -or- 3) With both of us retired. (He does have a monthly pension that he would get upon retirement and is only 52 years old, so he wouldn't get SS yet or anything, but would possibly get a very minimal part time job.)

I'm not sure if I am even making sense here!! OK, here's what I'm trying to calculate out: In figuring these various budgets, I know about what we need for bills, groceries, some EF, household, etc. I also know how much a mortgage would be - depending on the # of years, etc. I just am not sure what I should budget in as "misc" or "allowance" so that I wouldn't end up totally off and then we couldn't live by this budget. I'd like to be able to realistically show DH a budget plan that we could pay off the mortgage in X amount of time if we kept a budget, which would allow us both to retire without having a mortgage payment. Does that make any sense??!!

**peanut** · 07-19-2006, 10:28 AM

Sigh. I don't know how expensive golfing is. I do know dh and I get $40/mth. for personal expenses, including hobbies, coffee out, lunches with the girls, etc. We are about to double that to $80/mth. I have expensive hobbies. Come to think of it, if dh continues with woodworking, so will he. We also take gifts out of that money. It encourages us to make gifts rather than buy.

Jean