After Christmas I opened a new checking account at a different bank. My thinking at the time was that I could deposit all my Christmas money where I could access it easily, but where it wouldn't end up being spent on bills. Yes, a savings account may have been smarter but since I only had it in there until June (6 months) I'm sure I only lost a few cents by not keeping it in savings. In June I finally tapped the Christmas money in order to help purchase a sofa from Ikea (I moved to a new apartment and no longer have a roommate or use of a sofa). Since my purchase depleted the account, I was planning on just closing out the account.
Then an idea struck: what if I left the account open and deposited a planned amount of entertainment money for each month? I've heard about people who withdraw a specific amount of cash each month and use only that for discretionary spending but cash and I do not get along well. Typically I end up frittering cash away and not remembering where it went. With this system, I'm limited to a set amount of money but will also not waste money on small things. Plus there is a record of where the money went.
Today was day 1 of my plan and so far everything is working well. I successfully deposited money into the account and then went out to dinner with a friend and used that debit card instead of my usual card. I'll post at the end of the month and report whether I was able to only use the money in the new account for entertainment and if there were any glitches.
Sidenote: As another little experiment, a few friends and I have decided to try out a new restaurant once a week. With so many amazing dining options and happy hours in the area we need to experiment. At first I questioned whether I could really afford this, but then I determined that I just need to cut out lattes, lunches out, and trips for snacks, etc. If I am successful in that effort I should easily be able to go out and try new restaurants and bars. Potentially (hopefully) this little experiment will also lead to increased dating prospects.
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