Adults saving money by having an allowance
Money is no game to Brandon and Amiyrah Martin. Two of their three children get allowance, but they’re not the only ones pocketing it. The couple also sets money aside for the adults in the house. They call it their ‘fun money’.
Brandon explains, “If you want to have spending money, we’ll take $100 a week, or take a certain amount, and break it down. That’s how much you get and this is how much she gets.” Then, that’s their money to do with what they want, no questions asked. Amiyrah says, “We’ve decided we want to use it differently and it doesn’t have to be something that you both agree on how you’re going to use it.”
With money being a major source of stress for couples, experts say adult allowances can be a real relationship saver. Banks and other financial groups are even getting in on the trend, setting up special systems and apps for a digital-based adult allowance.
“We all have very complicated lives, very busylives and it can be very easy to forget that we’re trying to stick to a budget or stick to a particular allowance,” explains Ramy Serageldin, with the app Honeyfi. It tracks personal spending and purchases, so you don’t blow your allowance or your budget.
Serageldin says, “It’s really about them being able to do whatever they want with that money without their partner judging them or keeping track of it.”
Some argue couples should be able to just set a budget and stick to it, without the bank or an app setting strict personal spending mandates on a daily, weekly and monthly basis.
The Martin’s, who run the budgeting website 4HatsandFrugal.com, say it really is about being able to limit spending, no matter what tool you use.
“I’ve always had an allowance and a goal. It plays back into how I was raised,” explains Brandon.