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Fun Money

Do You Have a Fun Fund?

getgoodwithmoney learnaboutmoney savingmoney Jun 05, 2022

OK, enough “serious” talk about money (from earlier blog posts) – income, spending, saving, investing and legacy. 

What are some of the things we want money for?

To house, feed and clothe us for starters.  What about fun stuff?  For me it’s travel and photography, primarily.  For my husband it’s his sailboat.  For you it might be a motorbike, dancing, jetskiing…  The important thing is to make sure you have some money that you can set aside to use for fun, without feeling guilty.

The “Fun Fund” I call it.

How much you set aside is up to you, but I suggest starting with an online savings account that you put 10% of what you earn into each month.  Set it up to automatically send it to this account, so you don’t have to think about it.  

I use an ING Savings Maximiser account, but there are other options out there, so check and see who is offering the best interest rate at the moment (yes, that can often be a challenge).  Some financial institutions offer special deals for new clients – an inflated interest rate for the first 6 months, and then either a fixed or variable rate.

My travel and photography account allowed me to get my ultimate photographic equipment (I’m a Canon fan, so it was a 5d for me, plus a few different L series lenses), which I cherish.  I now don’t need any more equipment, as I have the best of what I could want, so now my fund is mainly about travel (which has been building up after the last few years of the pandemic!).

Remember to have patience – it may take a little while to build up to what you want (especially if it’s a big thing like a boat), but it’s worth it.  Trust me, you’ll get addicted to seeing that growing balance in your account.

It’s such a great feeling being able to indulge in your hobbies/passions without worrying about how you’re going to pay the credit card off (because you’re not using a credit card!).  

It makes enjoying the fun even more fun!!