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weekly allowance

So I am only allowed to spend $150.00 a week on anything we need from food, stuff around the home, eating out, activities, stuff we do not necessarily need like a Camera, TV, Computer, Ipad etc.

We were able to come up with a amount by looking over our fiances and after paying bills and putting money into our savings, RRSPs, and so on.

by doing this it has helped us from getting into more debt and instead getting us out of debt.

Each week my goal is to never spend more then $150 a week so I can put it aside for the next week I like to call this "Bank it" So if I only spend $100 one week I am then going to bank my other $50 to the following week so I could spend $200.00. By doing this we are able to use that money for things we do not need, and taking the kids out somewhere new and fun that may cost money. I also like it for when their is a extra special sale on somewhere for groceries and cleaning products so I can stock up our stock pile. Example Paper towels went on Sale at Shoppers Drug Mart for $1.99 for 8 rolls I now have enough for 6 months. Or when toothpaste goes on sale for $1.00 I stock up on it by using a $0.50 off coupon and am only paying $0.50!

We also like doing a Fiscal Fast where we don't spend any of our $150 weekly budget for the week so we can Bank it for another week.

When are amount gets to a $1000 I then actually take $500 and put that into paying debt, and put on our savings and RRSP

We recommend trying this out for you and your family on saving money and helping you get out of debt faster!

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