Think You Can’t Have Fun on a Budget?

Are you committed to strengthening your money situation, getting out of debt, building savings, investing, estate planning; but also want don’t want to enjoy some fun things, too? There are at least a couple of ways we can approach this.

First thing to do is decide what the priorities are:

  • pay ourselves first by setting aside the amount committed to savings;
  • pay essential bills like rent/mortgage, gas and electric, car payments; and
  • pay for incidentals like groceries, gas, and a modest allowance.

Once we do this, this will give us a bare bones budget; show us the absolute minimum we need to take care of business.

The surplus is the money we have left over to do whatever comes next. Depending on our priorities, we can use it to ramp up our saving, pay down debt, and/or to fund a trip, activity, or event. Some financial experts say we can only do one thing at a time if we want to be successful or accelerate our progress. Others say we can do at least two things are once and still make great progress.

So, if we value the freedom of getting out of debt and not owing anyone, then we will continue the plan of throwing money towards our debt or savings- for the most part. Depending on the speed at which we want to go, we may forgo spending extra money on vacations and activities, opting for free or low-cost activities like staycations and visits to national parks, beaches, trails, and more. The vacation that follows our debt freedom date, can be the celebration the whole family looks forward to. Otherwise, we can take a percentage of what would normally go to debt paydown or savings and 

put into a fund for our vacation.  Either way, it’s planned for and budgeted for, while we continue our forward motion.

Another option is to create a new source of income to fund vacation, activities, and events. We can sell unused items at a yard sale, on Craigslist, or Facebook Marketplace; drive for Uber or Lyft; or deliver for Door Dash or Uber Eats. We can use or talents, gifts, and skills to create our own side hustle(s). The whole family can participate- each person using the thing(s) they most enjoy or are good at. The money raised (after we pay tithes J) is the money that will fund the entire trip or activity. This option allows us to continue our financial commitments without losing momentum or ground.

If we prioritize family vacations and activities, however, then we may opt to pause payment towards debt elimination or fully funding our emergency fund. It’s not as bad as using credit cards or robbing Peter to pay Paul, but it is still dangerous. It’s this type of behavior that likely landed us in our current situation. Think about it. We always planned to throw more at our debt; we always planned to save, but something always seemed to come up and we never did. Plus, there’s the added danger of losing our momentum, especially if we are not a part of an accountability group or have an accountability partner. Something else will come up and we may give up if we don’t have someone to spur us on.

My advice would be to slow our speed rather than pausing it. And if we can, forgo excess spending for a committed timeframe, and use all current and new income to increase our momentum, it will be well worth it. Our family memories don’t have to put on pause because of our financial goals. There are plenty of free and budget friendly ways to create memories and that delayed trip will be oh the more sweet, when we’re debt free.

Yes, we can have fun on a budget. The important thing is that we don’t act impulsively, but plan and budget responsibly. It may be worth it to create a “Fun Money” account and line item on your budget- and put unused allowance and extra funds there as we have them.  That way it’s there when we need it. Have fun! 

I would love to hear your budget friendly ideas and you may help others as well.