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His and Her money

August 31st, 2011 at 07:51 pm

Since we have been married (almost 16 years now) we have had a "His" and "Her" spending account. Currently it's $150 a month (Each). Sometimes it's $200 a month, sometimes $100. The $150 works best because that usually works out to $5 per day.

On the 1st of each month I withdraw 60 five dollar bills and put 30 each into two envelopes. On the envelope I write the numbers from 1 to 30 (Or however many days there are in the month). Each day we go into our envelope and take out our $5 and mark off the day.

On weekends we have "Entertainment money" that usually is $50 - $100 per weekend. Since we have this money to spend on whatever we do together we usually do not need our $5 dollars for Sat and Sun. When Monday comes around we can start the week with $15 dollars (5 for Sat, 5 for Sun and 5 for Mon). It usually works out to a few Starbucks coffees per week or whatever small item catches our eye at the corner store. It also offers a challenge to see if we can go a day without spending our five dollars to see how much we can save for any larger item we might want.

4 Responses to “His and Her money”

  1. Thrifty Ray Says:

    It's important when sticking to a budget to have discretionary spending money. SOunds like your plan works well for you two!

  2. creditcardfree Says:

    I think that is great, especially since it helps you be accountable with the money you spend.

  3. ceejay74 Says:

    Great system! We have a similar one where we each get $80 on Friday, and that's to last for the week. However, if we have a spendy weekend, that can make the week itself rather tight! That's why we don't do it the other way around, though; it would be extra annoying if we ran out of money BEFORE the weekend.

  4. Jerry Says:

    I like your method for keeping those purchases under control, and doing so in a way that offers some insurance of fairness. Plus, having the entertainment separate leads to combined time together while separating those costs from the equation. Well done!

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