Originally Posted by oneupper
Sounds like a fine system, GL.
Just one question: How long have you been running this new system?
My experience with this sort of thing is that sticking with it is the hardest thing.
I asked her to try it for 6 months and we have never looked back. We've had this system in place for about 8 years now, we've been married 14+. I don't see us ever moving away from this system, all the way into retirement and beyond.
If I want to stop and spend $20, or $200 (if I have it) on a whim, I do. If Mrs. Gonelong wants to buy a $7 coffee, a $200 purse, or whatever, she doesn't need my approval nor will I be concerned with the matter. Our "allowances" allow us to have the freedom to pursue our individual interests while we know that we have first established our financial security.
We have an entertainment account that we pull from when we go out to eat, the movies, the theater etc. If we drain that account, we stay at home. We have a vacation account, so our vacation local is based on that balance.
I don't track our expenses at all. Our allowances are what is left over after everything else it already taken care of (Savings, emergency fund, vacation fund, groceries, etc) so I don't sweat it.