It took me a long time to loosen up and really be able to have fun with my money. Part of this is because money was really tight for me in college, graduate school, and even the first few years of my career. I had to put thought into every single purchase. Any spontaneous “fun” purchase might mean that I wasn’t able to fulfill another financial obligation. When you’ve lived in this mode for a few years it’s hard to change your mindset even when you’re more financially stable.
But there’s another reason why this was so challenging for me: I didn’t think I deserved to have fun with my money. As someone with a giver money personality, I’m especially attuned to the needs of others. I knew there were so many people both in my own neighborhood and around the world who were struggling. How could I use my money for fun when they needed money to survive? I’ve seen those with the saver money personality also run into this issue; feeling they shouldn’t spend money in the present, because their future self might need it.
As I’ve often said, using money well involves spending, saving, giving, and acquiring. And a well-rounded financial life is going to include not only spending on necessities but also treating yourself to a little fun. The amount you include is going to depend on your financial situation — but every budget should include a little space for fun. Here’s why:
Fun Money Sparks Joy: We all know that money can’t buy happiness, but it can play a part in creating happy moments. Whether it’s supporting a local artist by purchasing a new piece for your home, taking your partner out for a just-because celebration at one of your favorite restaurants, or grabbing a beautiful bouquet of flowers from a vendor at your local farmer’s market, there’s no doubt that money can help bring a smile to your face.
Tip: The best part is you don’t need to have a lot of money to do this. On a tight budget? Just $10 can buy you and your partner coffee, bagels from your favorite bakery, an inexpensive bottle of wine, flowers from the farmer’s market, tickets to a cheap old movie theater, and so much more. See if you can carve out $10 once a month, and challenge yourself to be creative. Here are 24 date ideas for $10 or less to get you started.
Fun Money Stifles Resentment: You work hard to earn your paycheck, save for future goals, and/or repay debt, right? Which is why it doesn’t always sit right if you focus only on spending the bare minimum and saving the rest for the future, especially when you see others able to spend more freely. A little fun money can be the perfect antidote to help you avoid splurges that break the bank, while still keeping you on track for your future goals.
Tip: Can’t quite shake that feeling that you should use every last penny responsibly? Check out this post on my not-so-guilty pleasures for the process I follow to banish guilt so I can actually enjoy using my money.
Fun is Contagious: I’ve found that when I let go and have fun with my money, I’m more excited to share what I have so others can have the same opportunity. We enjoy tipping extra at a restaurant or buying a special treat for a friend who’s having a tough time. The act of giving can itself be a source of fun.
Tip: For so long I was reluctant to have fun with my money, but once I finally let myself enjoy spending, I found it actually increased my appetite for giving to others, rather than decreasing it. I was caring for myself so I could share with others from a place of fulfillment and strength.
Fun Money Can Spice Up Your Money Dates: Whether it’s adding a favorite bottle of wine, bringing home a sweet treat, or heading out to a movie afterward as a reward, it’s worth spending a little to make your money dates more fun. As I’ve mentioned before, my husband and I have found our conversations are most effective when we go out to eat for our budget meetings. During the pandemic, we’ve switched things up by getting takeout and eating our meal in a different part of our apartment than we normally would so it feels a bit more special.
Tip: Looking to make your monthly money dates more fun? Check out these ideas.
Keep in mind, this concept isn’t about having fun with no plan for how to pay for it. To make this a healthy practice, you’ll want to pencil a line item for fun even into the tightest budget, and then watch the positive impact it can have on you, your relationship, and your financial life.