BUDGETS JUST DO NOT WORK!
Haven’t you said this to yourself a million times?
The reason that budgets just don’t work is that in our subconscious mind they represent lack.
A lack of money, making cutbacks and sacrifices.
That is why I personally use a money management system and have thrown the dreaded budget out the window!
So how do we eliminate the overwhelm of a dreaded budget and make this money management system work?
The answer is…
THE PLAY ACCOUNT
As I have spoken of previously, my money management system includes an FFA account for creating financial freedom, an LTSS account for long-term saving and spending and an EDUC account for ongoing education and personal development.
Now I also want you to open up another account and call it your PLAY account and deposit an additional 10% of your income into this account.
The reason that this works is that we are holistic in nature and if everything is just save, save, save and monitor every cent in a budget we will just end up sabotaging ourselves.
We need to be able to have some fun on our road to financial freedom and enjoy ourselves along the way.
WHAT DO I SPEND IT ON?
I also nickname this account the blow account and like to take the money out each Month in cash.
The number one rule of this account is that you must spend it or blow it each Month on something that makes you feel wealthy and enriches the spirit.
You can spend it on an expensive meal in an upmarket restaurant, a river cruise, an expensive bottle of wine, a night out on the town or a ride in a limousine.
I personally love to spend a night in a 5-star Hotel with my Wife and have a romantic dinner with a bottle of wine.
Just do whatever makes you feel rich!
So give my money management system a go, open a play account and remember the number one rule is to blow this amount every Month.
Give the dreaded budget the flick and have some fun!
After all, that is one of the reasons why we want financial freedom for anyway!
If you have any questions or comments feel free to leave them below.
To your success,
John W. Newman
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The play account sure does sound like something a whole lot different and very cool too 🙂
I like the idea of having “fun money” in my life! I’m upto the point where I’m just sick of living to pay off bills and debts etc…
It’s now fun time 😉
Cheers for the inspiration, John.
You are right about being sick of just paying bills and debt, that is why most budgets don’t work!
Having a money management system is so important and a “Play account” is vital to it’s success!
Thanks for the feedback!
Love the idea of a PLAY account. I used to regard my monthly writing earnings on the recently demised Squidoo as being available for those niceties of life. As Squidoo is no longer, my play earnings are less – but I still like the idea a lot!
Thanks for your comment Rob!
The play account is certainly a great way to make sure we don’t sabotage ourselves on the road to financial freedom!
I have not heard about Squidoo before but I am sure you will soon find new ways to add to your Play account!
Hey John, thanks for reminder.
I just realized that I haven’t spend my money on doing any fun stuff since I started my web business. I think the seriousness has gotten to my head and I need to learn to relax a little. All the long hours in front of the computer – I could actually benefit by being away from it for a while.
Totally agree Cathy!
It is easy to get caught up in making our business a success.
It is important to remember WHY we want it in the first place!
Thanks for your comment and go play! 🙂
Having a play account sounds like fun!
We have to have balance with our money and a play account is a truly awesome way to do this!
Thanks for your comment!