How Fun Money Can Improve Your Mentality
If you find yourself in a negative headspace, it may all point back to the money in your bank account. By living paycheck to paycheck, you may find it difficult to put money aside for pleasure.
However, if you keep your spending under control, you may be able to create a budget for fun money. This is money that you can spend without guilt or strings attached. Not only will fun money add pleasure to your life, it can also improve your mentality around spending.
Why You Need Fun Money
Fun money is a great way to live your life to its fullest. Setting aside this money can prevent overspending—especially if you find yourself losing control on shopping adventures. It can also reduce financial guilt and stress associated with spending money for pleasure. Additionally, fun money can benefit your mental health.
Budgeting Fun Money
There are several ways you can budget fun money, depending on your lifestyle and paycheck frequency. Try using the 50/30/20 rule, which dedicates 50 percent of your paycheck to essential expenses, 30 percent to wants, and 20 percent to savings. You can also try the “pay yourself first” method; this means you take care of your needs immediately after you get paid and then spend the rest of your paycheck on fun.
Spending Fun Money Responsibly
When you want to spend your fun money, it all comes down to the frequency of spending. There are several ways to do this. You can save a lot in order to spend a lot at a single time (think vacations and plane tickets). You can also save a little and spend a little for personal date nights and dinners. Or you can be frugal with fun money by investing in hobbies or having an at-home movie night.
No matter how you decide to spend your fun money, it will always be an investment in yourself first and foremost. By balancing your wants and your needs, you can improve your mental outlook on life. Make sure that you are always spending smarter and living happier.