I have written MANY times about ING and how easy it is to set up sub accounts for various savings goals. I have the Never Go Back To Fresno Fund which is going to be my ultimate fund for retirement and other things later on in life. I recently started a new fund and called the Splurge Fund because I have been having a hard time spending on myself.
Every time I go shopping for clothes I end up passing on things because they are not on sale. I have not been able to buy a shirt if it costs more than $10 and I cannot see myself spending more than $15 for pants. I usually wait for the item of clothing to go on sale and even on clearance where I can get it for that price.
Sometimes I get lucky and there will still be something in my size on the clearance rack but lately I have not been finding anything that fits. I realy want some new shirts for work and even at least one pair of pants as well. I do have $25 in my monthly Zero Based Budget that is set aside for clothes but it has been a long time since I actually spent that money. I created the new fund because I think the only way for me to actually end up buying clothes is to MAKE myself see that the money is there specifically for that.
So to facilitate me getting some new clothes I am going to take part of the $25 budget and put in the special Splurge Fund every month that I am under budget. I think I will put in $15 to the fund and that way if I do not buy any clothing for the month (remember my fascination with socks?) then the $10 will roll over into the buffer in the Electric Checking account and my clothing budget will build up.
Every few months I will check the amount and if I spot a shirt that I really, REALLY want and it costs more than $10 I can still get it and not feel guilty about spending money that could be a snowflake payment to debt, as the $10 will take care of that snowflake or snowball payment. The Splurge Fund will also take care of those times when I go out of town and want to eat at Chipotle (since there is not one in my town) as I only get to do this about once every six weeks or so.
I promise not to go crazy and just spend down the Splurge Fund but I do need a break from all the frugal stuff and not having any fun at all. Do you have a splurge fund?