Young professionals know that in order to have a well-balanced life, one must be able to set aside some time and money for the occasional treat or “fun things” in life. The trouble is, most people get careless and spend more than what’s reasonable for spa visits, road trips, and the like.
However, this doesn’t mean that people should stop enjoying the finer things in life as a reward for all the hard work that they have done. According to financial planner, accountant, and author Tom Corley, one may spend money on fun things each month—provided that a person should have a set amount for the occasional treat.
According to Corley (via CNBC), a person may spend 10 percent of one’s monthly net pay, or what you take home after taxes and other deductions, for the fun things. This means that this amount can be used for dinners at restaurants, drinks at a bar, manicures, massages, movies, plays, and the occasional weekend getaway, among others. So for instance, if you take home $2,000 each month, you should not spend more than $200 on entertainment.
Some people may scoff at the idea of fun money. Why not just forego entertainment expenses altogether and keep that money in the bank for emergency purposes? Don’t underestimate the importance of the occasional treat, as it can help you stay motivated throughout your career.
According to author and motivational speaker Dave Ramsey, you need fun money or pocket money to keep you thinking clearly and motivated as you make the tough, daily sacrifices it takes to earn a living. Like Corley, he advises that one should make a budget for some fun before the month begins.
“It’s okay to set aside some time and money for yourself each month,” said Ramsey on his blog. “Even a small indulgence can do wonders for your money morale. Just be sure to have a fun allowance before the month begins and stick with it no matter what.”
For more, check out Jobs & Hire’s tips on how to de-stress at work.
