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Episode 245 - The "F" Word in Budgeting: FUN (and Why You Need It)

When you try and budget, does it feel like you fail before you even get started? There are ways to stop setting yourself up for failure. Join Amber while she discusses how strict budgeting can lead to burnout and failure by eliminating all the fun from your life. Let's dive into why it's essential to include some fun in your budget and how you can do it effectively. 

 

The Downside of Strict Budgeting: Burnout and Failure 

Have you ever gone on a diet? This is a serious question. You're like, I'm eliminating sugar, I'm eliminating carbs, I'm eliminating all the bad things, right? A few days in, you might find yourself reaching for that ice cream sandwich in the freezer or those chips in the cupboard. Budgeting is kind of the same way. 

I did this myself. I set a strict budget with plans to pay off our debt in 12 months. It was good, but as months passed, it became hard. We had eliminated so much from our budget that we weren’t having fun in life. It was literally sleep, eat, pay off debt.  

Incorporating Fun: Why It's Crucial 

Strict deprivation can lead to fatigue and failure, making it harder to stick to a financial goal. A balanced approach is key—one that allows room for things you enjoy and helps maintain your motivation and overall happiness. This might mean paying down debt at a slightly slower pace, but it ensures you remain committed to your financial plan. 

Creating a Sustainable Budget 

A sustainable budget includes room for fun and leisure activities. When you allocate funds for enjoyment, you're more likely to stick to your budget in the long run. Think about it: When you've treated yourself responsibly in the past, didn't it feel good? By incorporating that sense of satisfaction into your regular budget, it can make a significant difference. Having fun within the budget means maintaining a healthy balance between financial responsibility and personal happiness.  

Overcoming the Fear of Budgeting: Reframing the Concept 

I hear you. "Budget." Ew. I hate that word. It sounds so limiting. Listen, if "budget" isn't the word for you, call it something else. Just change the terminology. It can help you reframe how you think about managing your money. 

Here are a few alternatives: 

- Spending Plan: Implies a proactive approach to managing money. 

- Financial Roadmap: Suggests a strategic plan guiding your financial decisions. 

- Cashflow Plan: Emphasizes taking control of your money, telling it where to go. 

By adopting one of these terms instead of "budget," you might find it easier to embrace the process of managing your finances and work towards achieving your financial goals. 

Practical Tips to Include Fun in Your Budget  

  1. Allocate a "Fun Fund" Line: Set an amount for entertainment and leisure in your budget. This ensures that you have dedicated funds for fun without feeling guilty. 
  2. Prioritize Experiences Over Things: Focus on spending money on experiences rather than material items. Experiences can be more fulfilling and memorable. But remember, it's your fun fund—if you enjoy video games, add those to your budget. 
  3. Plan for Seasonal Activities: Budget for seasonal or annual events in advance to avoid last-minute splurges. Planning ahead can help you save and ensure you're not caught off guard. 

Final Thoughts 

As a disclaimer, adding a fun line should only happen if you have the funds in your budget to do it after paying for necessities. If after you allocate money towards debt and savings, you still have some left, that's when you'll give it a name and a fun name. But make sure you have the means before adding a fun line. If you don't, you may need to find an extra source of income or reassess your budget to eliminate non-essential expenses. 

I encourage you to review your current budget and adjust it to include some fun money. It’s all about creating a balance and a sustainable budget that allows for enjoyment while paying down your debt and reaching your financial goals. 

Resources Mentioned
Get better results with your finances in 30-60 days - GUARANTEED. Watch this video to learn how! - https://www.debtfreedad.com/payoff-debt-in-60-to-90-days 

Free Tools and Downloads at www.debtfreedad.com

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Episode Transcript: 

Amber:  

When you try and budget, does it feel like you fail before you even get started? I'm going to discuss ways to stop setting yourself up for failure on today's episode. Hi, I'm Amber, today's host of the Debt-Free Dad Podcast, where we help normal, everyday people like you take control of your finances so you can live a happier, less stressful life. Today, we're talking about how strict budgeting can lead to burnout and failure by eliminating all the fun from your life. Let's dive into why it's essential to include some fun in your budget and how you can do it effectively. Have you ever gone on a diet? This is a serious question. You're like I'm eliminating sugar, I'm eliminating carbs, I'm eliminating all the bad things, right, and then, a few days in, you might be reaching for that ice cream sandwich in the freezer. You might be reaching for those chips in the cupboard that were left over. Listen, budgeting is kind of the same way. I did this myself. I put a strict budget. We were going to pay off our debt in 12 months. That was the plan. We had it all planned out. It was good, but then we got a few months in and it was hard. We had eliminated so much from our budget that we weren't having fun in life. It was literally sleep, eat, pay off debt. So we had to incorporate some fun into our budget, including some times to eat out some savings for travel. And, yes, we traveled and went on vacation while we were paying off debt. Did it increase how long it took us to pay off the debt? Absolutely. Is paying off debt crucial? Yes, but it's also important to enjoy life. Strict deprivation can lead to fatigue and failure, making it harder to stick to a financial goal. So a balanced approach is key, one that allows room for things you enjoy and helps maintain your motivation and overall happiness. This might mean paying down debt at a slightly slower pace, but it ensures you remain committed to your financial plan.

Amber:  

A sustainable budget includes room for fun and leisure activities. When you allocate funds for enjoyment, you're more likely to stick to your budget in the long run. So think about it when you treated yourself in the past and it was a responsible treat, didn't it feel good? So by incorporating that sense of satisfaction into your regular budget, it can make a significant difference. It keeps you motivated. It reduces stress and prevents the feeling of deprivation that can then lead to overspending or abandoning your budget altogether. Having fun within the budget means maintaining a healthy balance between financial responsibility and personal happiness. So by allowing yourself some leisure, you create a more enjoyable and realistic financial plan. This approach not only supports your mental and emotional well-being, but it also fosters a positive relationship with money. So as you make steady progress towards financial freedom, remember that enjoying life along the way is crucial. It's part of the journey.

Amber:  

Okay, okay, I hear the budget haters. I hear you all the way across this. Like you're listening to me, you're watching. I hear you. Okay, budget Ew, I hate that word. It sounds so limiting. Listen, if budget's not the word for you, call it something else. Just change the terminology. It can help you reframe how you think about managing your money. So here are a few alternatives.

Amber:  

A spending plan this implies a proactive approach to managing money. Or maybe a financial roadmap this suggests a strategic plan guiding your financial decisions. Maybe use the term cash flow plan, which emphasizes taking control of your money, telling it where to go. By adopting one of these terms instead of budget, you might find it easier to embrace the process of managing your finances and working towards achieving your financial goals.

Amber:  

So I've got some practical tips for you for including some fun into your budget. First, you want to allocate a fun fund line - fun fund line on your budget. So set an amount for entertainment and leisure in your budget. This ensures that you have dedicated funds for fun without feeling guilty. Try prioritizing experiences over things. Focus on spending money on experiences rather than material items can be more fulfilling and a lot more memorable. But I mean, it's your fund, it's your fun fund line, right? So if you like video games and that's what you enjoy doing, buy the video games guys. Add it to your budget Now. Lastly, you want to plan for seasonal activities. By budgeting for seasonal or annual events in advance, it avoids last minute splurges. Planning ahead can help you save and ensure you're not caught off guard. So by incorporating these tips, you can enjoy life while staying on track with your financial goals.

Amber:  

Now, as a disclaimer, adding a fun line should only happen if you have the funds in your budget to do it Once you've paid your necessities. If, after you pay your necessities, if, after you allocate money towards debt, after you allocate money towards savings, you still have some left. That's where you're going to give it a name, and you're going to give it a fun name, all right. So make sure, before you add a fun line, you've got the means to do it, and if you don't, you may need to find a way to add in extra income, or you might want to look at things that are on your budget that may not be bringing you joy and are not necessarily a necessity. So I encourage you to review your current budget and make adjustments to include some fun money. It's all about creating a balance and a sustainable budget that allows for enjoyment while paying down your debt, while reaching your financial goal.

Amber:  

Thank you so much for tuning in today. I hope you found these tips helpful and feel inspired to create a more balanced budget and are motivated to set realistic and enjoyable financial goals. Now, if you want to hone in on your budgeting skills, we've got the totally awesome Debt-Free Planner and it's available at debtfreedad. com/planner. You definitely, if you want to hone those skills in, you want to add a fun line to your budget. This is going to help you do all the things, including paying off your debt, setting up savings and making sure you have everything in control.

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