A compromise between the “unfun” aspect of having to plan every spending moment and the “fun” of impulse spending is to allow for some unplanned spending in your monthly spending plan. I’ve always suggested to my students that they add an “allowance” category to their monthly budget for each person in their household. The amount of each person’s allowance would depend on household income, resources, and expenses. Also, children’s allowances can be tied to age, household responsibilities, or some other criteria.
Money designated as allowance is “distributed” each month to the appropriate individuals to be spent whenever and however each one wishes; no accounting to anyone necessary as long as the individual doesn’t exceed the amount of the allowance. With a planned allowance, you can have the “fun” of impulse spending without negatively impacting other needs and goals.
