Broker Check

Allowances for Adults?

| December 08, 2015

Allowances can be a tricky subject. You and your spouse love each other, but views on money vary and often cause friction. It’s important to discuss money – spending and saving – and make sure you are on the same page and in agreement on how to spend and save it.

There is something that one of you loves spending money on that the other simply doesn’t see any value in? It might be manicures, high-heel sandals, electronic gadgets, or Star Wars collectibles. If you have joint finances, this can cause some resentment. Why is ourmoney being spent on designer purses?

One good solution to relieve such stress is the “Adult Allowance,” in which each person is given a certain amount of money that he or she can spend with no questions asked. You can give the allowance every week, every two weeks, once a month. It’s up to you and your spouse.

Yes, this is budgeting, and many couples view budgets as tedious and restrictive. This is, however, “budgeting lite” focusing not just on the ability to track spending, but the freedom to enjoy your spending without guilt or recrimination. This may be a good place to start if one of you is a spender, while the other is a saver.

Some people use cash in envelopes, others use separate bank accounts. Either way, after you run out of money there’s no asking for more. You have to wait for your next “payday.” Allowance money should not be money that is used for groceries, utility bills and the like. It is each person’s personal funds to be spent as he or she wishes.

We mentioned this to a few friends, and some of the responses were the expected “An allowance? Whoa, that’s harsh.” But one of the couples actually implemented it for themselves. It turns out that the guy was getting some flak for wasting money on his “toys.” Now, he has a monthly allowance with no strings attached and his spouse finally feels that his spending on toys is under control.

Just as you are never too old to be immature, you are never too old for an allowance.



Tracking # 1-271665