Funding Your Passions – Why Your Budget can be Fun

As a natural spender, the “budget” is not something that I instinctively enjoy. Early on in our finance journey, I avoided it like the plague. At the time, I felt like that budget was going to restrict my spending and prevent me from being able to have fun. Six years later, I know that the budget, in fact, frees up my spending. It allows me to spend money on the things that I enjoy, without detriment to the household budget as a whole.

A budget is not a punishment.

As a spender, I had to retrain my mindset regarding the budget. Anytime my spouse mentioned wanting a budget meeting, I avoided it. I felt like the budget was a punishment for overspending. After a “practice” run with a budget, I learned that it was not in fact punishment. It was a plan for our money, how it would be spent and where so that we can reach our financial goals. I learned that every dollar needs a name and is accounted for in the monthly budget.

A budget frees your money.

As counterintuitive as it may seem, a budget does a lot in freeing up your money. By establishing each month what you will spend, you have the ability to prioritize what you will spend. For example, if after all the required bills (housing, electricity, food, etc.), you have $150 left over, that money is yours to choose where to spend it. If in your free time you enjoy the movies, budget that money towards movie tickets each month. If crafting is your passion, put that money towards your crafting fund. That’s the beauty of the budget!

A budget provides peace of mind.

When it comes to your passions, whether it be a hobby or otherwise, you can plan it in your monthly budget. By doing so, you can have peace of mind that your hobby is covered. You can spend freely within that monthly budget. For example, we set an amount aside each paycheck for “projects” within our home. When there is a project we want to do, there is money in the account to do so. If there is no money in the account, the project doesn’t happen. This is a freeing system.

What about you? Tell us about your favorite hobby. What has not fit in the budget for you, that you would like to make room for?