pocket money plan

As a child I remember being given my pocket money each week, occasionally several weeks would be doled out at once – which with hindsight may have been due to a cash flow problem. My brother spent all of his at once, but I was saver and squirrelled the coins away in the back of my knicker drawer.

With the recession upon us like a nasty itchy rash which won’t go away, it occurred to me that although I am not a spendy sort of person, I do tend to buy things in Tesco like magazines and flowers and wine which are for me rather than anyone else. No-one else in this house drinks wine, and I doubt they would buy flowers for themselves.

I have been thinking since Christmas that I should really have a personal budget which is just for me. Pocket Money, if you will. Should I, as many parents do with teenagers, allocate myself a clothing budget as well? What about bras, most of which would gobble up several month’s worth of allowance? Should I buy my own sweets? What about books, are they household expenditure because they are educational?

The crunch question of course is how much Pocket Money should I get each week? And also, is it weekly or monthly? Do I have to wait until Friday evening to get the next top-up of funds? This would certainly concentrate the mind.

I think, after some consideration of the cost of underwear, that I am going to award myself 10p per year of age per week.

I am 54.

I will get £5.40 per week and I must wait until Friday each week to get it. There have been two Fridays since January 1st so I should have received £10.80 so far this year.

I have spent £1 on a bar of chocolate, bought two novels for 50p each, second hand, and bought a magazine which was an eye-watering £4.99, so £6.99 from my £10.80 has been spent, leaving me with £3.81 to last until Friday or be saved.

Other sources of income I’m allowing are eBay, and coins found in the street.

The ground rules for stuff like haircuts and birthday presents have yet to be decided. I can sew, so I can make most of my clothes and I have both sewing machine and fabric stash to be going on with.

Can I last until Friday? I had tentatively arranged to meet a friend for coffee and she suggested Costa so I’ll need to get out of that somehow. Maybe it will snow.

Income £10.80  Outgoings £6.99  Balance £3.81

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3 Comments on “pocket money plan”

  1. I would get £3.50/week… I think I could do it but it would be tough.
    We’re taking things to the “next level” with our budgeting this year. Mostly we want to sharpen our skills. Not sure how long this great job will last for my husband. Great to save an extra few hundred, maybe even a thousand, quid over the year.
    I share a Kindle account with my sister and husband. Recently tempted to purchase a few new books but resisted. Went through the account archive and found a few new to me reads. I actually have an Amazon credit I could use for books but I want to save it for when I am really out of good things to read.
    Good luck on the 3.81 for rest of week 🙂

  2. I would get £4.70 a week, soon to rise to £4.80 🙂

    This sounds like a good plan.

  3. I get £20 a week (so that makes me 200 then!!). I use it for my five weekly haircut and the rest goes on little incidentals and a couple of bottles of wine for us to share at weekends. My Lovely Hubby gets £30 but has to spend at least £20 of it on his lunches at work (sometimes they just have to eat in the staff restaurant as that’s where they have meetings….or so he tells me…lol).


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