Since our budgeting by using the force isn't quite working anymore, and since we've noticed that our outflows are getting a little large relative to our inflows, we've set an allowance for ourselves. The allowance is for discretionary purposes, which include eating out (or getting drinks “on the go”), stuff bought online, vending machine purchases, etc., but does not include things like gas, groceries, or other things that we had committed to before going on the allowance. (The allowance was more for new discretionary spending than to cut out activities or repeat expenses we're already incurring.)
The object is to track our spending more carefully so that the outflows are less. At this point it's not an emergency so we set a reasonable limit for ourselves.
To make it a little more fun we've given ourselves an allowance in the new $1 coins. An advantage of this method of spending control is that there's a physical feedback mechanism. As we spend, the bags get lighter. My wife could feel her bag getting lighter throughout the week.
Prior to the debasing of American coinage, the weight of certain types of coins was proportional to the value of the coin. A $10 gold piece weighed twice as much as a $5 gold piece, which in turn weighed twice as much as a $2 1/2 gold piece. It was the same with pre-1965 silver dimes, quarters, and half-dollars: the weight was proportional to the value. The reason for this was because the coins contained amounts of gold and silver proportional to their values.
The weight of the coins in the bags aren't an exact measure of the amount of money in the bags anymore — a $1 coin weighs only 1.62 times the weight of a nickel, rather than 20 times that of a nickel — but it is still a noticeable weight difference as the money is spent.
We've noticed that having an allowance is helpful in fine-tuning our spending a little bit. Plus, I like to talk about the coins if someone asks. 😉
Ya know, the first thing that came into my head was, " I want to get rid of these heavy coins" I can see going through them sooner than a dollar might and not having money for the last few days. Then thinking you need more…
Just being an advocate of the devil! {wink}