When it comes to personal finance saving and investing for the future is so important. As is choosing the right career and finding a good work life balance. Another key component to living a balanced life is having some fun money.
Without some occasional fun money you can quickly burnout when it comes to keeping up with your financial goals. It’s better instead to allow yourself to spend on money on things you enjoy every now and then. For example, some of my friends enjoy going to sporting events and even occasionally betting on sports teams at Sports Betting Dime or any other site. I like to spend money on home improvement projects and small outings with my family.
No matter what fun looks like to you there are ways you can free up some money to spend on the things that you truly enjoy. Here’s how.
Start an Earmarked Savings Account
My last boss was always talking about his slush fund – which was just money that he was able to spend guilt free. He liked buying dogs; more specifically hunting dogs. And those can cost a pretty penny.
Instead of arguing with his wife about spending money on his hobby they each started their own slush fund. They would each receive a portion of money each month to do with as they please. They could immediately spend the money or save it up for a larger purchase. No questions asked.
It was earmarked just for fun.
Save Your Change
Many people save their change for family vacations, which is a great idea, but saving change could go toward anything.
Throw your change in a jar each day and watch it add up. Occasionally cash that money in and spend it as you please. Do a home improvement project, go to the movies, enjoy a fancy dinner, buy a dog – do whatever makes you happy.
Aside from saving your change you can also be on the lookout for even more ways to save money.
Start a Side Hustle
In the personal finance world the term side hustle simply means anything you do outside of your day job to earn extra money.
This could be babysitting, tutoring, writing, or pursuing some type of online income. The great thing about a side hustle is that you get to pick what you want to do. You can work on a small business of your own in your free time all while earning yourself some fun money for guilt free spending.
It’s Okay to Spend on Yourself
There’s no negating the fact that saving and investing for your future is important. However, enjoying your life now is equally important.
If you’re on track with all of your financial goals then allow yourself to enjoy some guilt free spending every now and then.