Imagine yourself in a situation of receiving a weekly allowance as a child; do you think this idea could have benefits when you grow up? It might be hard to leave weekly money behind when you become an adult. Financial and life coach Vicki Champion recommends revisiting the idea of weekly money as a way to help adults plan their finances better. Vicki is an expert at helping people improve their spending and saving habits by changing their mindset about money.
Eight Reasons to Use Weekly Money
Financial tracking: Weekly money helps you know how much you are spending. By setting a limit for yourself, keeping track of your spending becomes easier.
Breaking spending habits: Weekly money can help you break the habit of using ATMs and debit cards.
Reducing impulsive buying: It makes you think twice before spending money on spontaneous purchases. Any impulsive purchase you make will affect the money available for spending on other things.
Money management: Weekly money can teach you and your family how to manage money, plus it can instill financial discipline. This is a valuable skill you can use throughout your financial life.
Even spending: If you share money with a partner, both of you can take a weekly amount. This can help maintain balance so that neither of you overspends.
Budgeting made easier: Weekly money can make budgeting easier than ever. You won’t have to track small purchases you make from your funds.
Facilitating saving: When you review every purchase you make – because you’re allowing yourself access to a small portion of your funds – it helps you save money.
Spending by priorities: Using weekly money encourages you to work toward achieving your personal goals. This is because you are only spending money on things you truly consider important.
Keys to Implementation
Determining how much you can spend each week is key to using the concept of weekly money. Train yourself to accept that no more money is available once your weekly funds run out. Once you reach your spending limit, you’re done. There is no going to ATMs or buying things on credit to pass the time.
Note: You may have to wait a few days to visit the grocery store. You might be surprised when you realize you don’t feel hungry. There always seems to be something to eat in the kitchen cupboard.
By restricting yourself to weekly money, you might sometimes have to decline going out with friends, or you may need to postpone home repairs until you save the money. A person can feel satisfied when they have control over where their money goes.
If you do not feel comfortable postponing necessary expenses like groceries or home repairs, allocate a portion of your overall budget for these items so you do not have to use weekly money for those expenses.
Of course, you may need to reduce the weekly money to fit your needs, and it should have a monthly limit as well. If you allocate a certain amount for groceries, you’ll be less likely to splurge on an extravagant dinner if it means your grocery budget might run out before the end of the month or week.
Try It for a Trial Period
You don’t have to commit to the idea of weekly money for the rest of your life. Try it for a week, two weeks, or even a month. If you find it challenging, adjust the system or abandon it and try financial planning in a different way.
It’s possible that you may find the idea of weekly money works for you.
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Source:
https://www.thebalancemoney.com/why-you-should-try-a-weekly-allowance-as-an-adult-2388358
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