Today, we talk about potentially my favorite part of our budget — the blow fund!
Some call this the fun money. We call it the blow fund because we're allowed to blow it on anything we want every month.
I think many people get motivated to be responsible with their money and go all out in the process. But then, when temptation arises, it's tough to stick to it because they don't give themselves any space for fun purchases.
That's what the blow fund is for. My wife, Bailey, and I use it to give us a guilt-free spending spree, if you will. The thing is, it's not an extravagant amount. We're debt free aside from our home and we only put $60 into each of our blow funds per month.
This can be used for anything from technology (had to save a while for an iPad) to books to candle wax (gotta watch the video for context).
The blow fund has helped Bailey and I curb our spending because it gives us an amount of money we are allowed to spend on anything without feeling guilty. But it limits the frivolous spending to this fund so that it's much easier for us to save towards home improvements, retirement, business ideas, etc.
It's the best fund for spenders because it'll help make saving easier. And it's great for savers because it will give them permission to enjoy some of their money!
Just don't go overboard. Keep your money controlled and don't let the blow fund become an excuse for spending money you don't have. You still have to keep your spending below your income.
//OTHER VIDEOS THAT YOU MAY LIKE//
7 Reasons You Need a Budget in 2021: https://youtu.be/LZJOxQmnCfs
6 Tips for Keeping a Successful Budget: https://youtu.be/k3OUa0h-eRE
How to Make Your First Budget Ever: https://youtu.be/nGUuGy5WQXE
Dave Ramsey's Baby Steps of Personal Finance: https://youtu.be/obczZb_aaYI
What's one way to improve your finances today? Get started on a budget! That'll make one of the biggest impacts on your life that you can possibly make.
Come budget with me and we'll learn together! There is so much freedom in a budget which makes me excited to teach about it. Financial education is the beginning of making your financial goals come to life. But action is what will actually make them happen. Congratulations on taking the first step!
If you need some extra help, I'm always available. I'm a financial coach trained by Ramsey Solutions to help people like you with controlling their money. My goal is to give you hope in your own situation. It's okay to need help. Set up a session with me on my website balefinancialcoaching.com.
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//DISCLAIMER//
Do your own research. My content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional financial advisor when considering your retirement options. Though I teach financial principals, I am not an investment advisor and none of my advice constitutes legal, tax, or investment as a professional. Everything I share is based on my own research and is intended for your benefit.
//FIND A FINANCIAL ADVISOR TO HELP YOU NAVIGATE RETIREMENT SAVINGS//
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