Add Some Fun to Your Debt Relief Plan

Nov 5, 2010 by gracie

Fun money in a household budget is a great motivator for sticking with a debt relief plan. Called Blow money by the Dave Ramsey program, it allows for small frivolous purchases. We all need this to avoid feeling deprived and discouraged. And discouragement often derails the best laid plans.

A good example of this idea is the Weight Watcher’s Points System. Extra points called flex points are allowed to be used however the dieter wishes. They can be eaten up a little at a time each day, or for a splurge at the end of the week.  Either way, there’s no guilt involved and the dieter has something that she is in control of. It’s a win-win situation and very successful.

In a debt relief budget, fun money acts as flex points. The money can be used to fund expenses for hobbies, a video game, reading material or whatever satisfies that something extra. If possible, every member of the family should have their own fun money so no one feels deprived. Even $15 or $20 a month can be enough and it can be saved from month to month if desired for a larger splurge.

Fun money should not be used for…

food, clothing or haircuts. These three categories are common items in a debt relief program that people will assign fun money to, but shouldn’t. Food and clothing are basic necessities and should have a separate category assigned with a reasonable dollar amount. This includes eating out. You and your family deserve to eat out at least once a month and it will be something to look forward to. Hair maintenance is also a necessity, although it might be prudent to cut expenses in this category if you tend to overspend.

It’s important to use common sense in determining dollar amounts for categories. A new outfit every week or dinner at Round Table every Friday night isn’t going to keep money in your pocket. Your budget for a debt relief plan will be particular to your situation, but make sure you do add in that fun money and have some fun!

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1. Are Online Debt Relief Plan Services Safe?
2. Debt Management Plans to Clear Debt
3. Debt Help: Should Debt Settlement be an Option?
4. 5 Ways To Manage Debt
5. Transforming Debt into Wealth- how can it be done