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The Road Map Part II

Updated: Feb 9


There is one key aspect every budget needs. Yes every budget. Want to know what what is the key? Before, I tell you what is the key I need you to guess. Take a few seconds to ponder it in your mind. Drum roll. When I ask this question many think the key is pay yourself first. Others say it is to pay off debt. Still others say save for retirement. But although all those are important they aren’t the key. Let me explain.


When my wife and I were $159,000 dollars in debt. We made a commitment and a budget to pay off the debt quickly. However, in order to stay committed and on budget we included the key to a successful budget. Here it is, are you ready for the key?


Read carefully. The key to a successful budget is having money you can spend for whatever you want, no questions asked. Some call it “blow money” many you can blow on whatever you want. Some call it "fun money." Still others call it an "allowance."


Why is this the key?


If you don’t have money to release the pressure of paying off debt or staying on budget you will abandon the budget. Paying off debt can be depressing at times. Having money to spend to blow off steam can encourage you to stay the course.

When we were climbing out debt we gave each other a specified amount each month. The ability to spend money without question was motivating to stay on path. I could continue to golf while paying off debt. My wife could buy books and clothe’s without worrying about the budget. I have known others who hold their budget so tight it kills the joy it should bring. Without the key of an allowance or blow money they give up on the budget in a couple of months.


Therefore give yourself some spending money even while getting out of debt. That ability to still have fun while paying off debt will keep you on task. Don’t abuse it but don’t feel bad about having some fun money it is the key to success.


If you have questions don’t hesitate to ask here. Take charge of your money!

Your biggest cheerleader on the web,


Gio Marin

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