Video instructions and help with filling out and completing What Form 5495 Allowance

Instructions and Help about What Form 5495 Allowance

Hey guys and welcome back to my channel if you're new welcome as well I hope that you decide to hit that subscribe button so today we're going to talk all about allowances and I know what a lot of people are going to think why do someone who has a job or the family why did they have an alarm and I know it might sound a little weird but it's actually really important so I want to go in to some reasons why it's important and then kind of show you what my allowance is and how we kind of treat that and all of that fun stuff so the first thing and I wanted to go over is why it's important and I'm just going to put this here because I want to stress that it's super important so there's going to be things throughout the loans that come up that an allowance is going to be useful for so for example if I need a new pair of jeans or if I decide to go out to lunch with a friend those things I don't necessarily budget for every month and I feel like they kind of come up randomly and so it's hard to budget for them even if I wanted to and that's kind of where my budget comes or my allowance comes in if I give my set myself a set amount every month or every week however you want to do it it gives you the opportunity to do things like that without going over budget a lot of times I struggle with spending too much on certain things and so having allowance kind of sets me up so that I know okay this is there's a set amount that I'm getting every month and I need to prioritize what I want to use that money for so recently I've been using my allowance to buy new summer clothes and I also kind of sprinkled in some new stickers for claiming all that but that's just kind of what I've been doing lately I also think that it's important because without it budgeting seems like a jail and I'm going to try to draw in little bars here to just kind of represent that if you don't give yourself away with over them and you don't give yourself some time for fun budgeting is blowing sucks so definitely having an allowance help because then you at least have something to look forward to and you're not dreading you know being over budget or not following your budget as much so again how much you give yourself is totally up to you Jason and I use his paycheck Jason's a stay-at-home dad that he does work part-time for a few days a week and so we use his paycheck solely for our Lance's and for like household expenses so if you watched my thinking fun video you know that we don't have a thinking's on your house expenses and that's because we use pretty much his entire paycheck to fix up the house or buy things that we need so my mouse is kind of broken out as follows so week one I'm just going to put the week because I I get my allowance weekly which helps because if I got if I got it every month I would blow through it so fast so every week I get $15 and I know that might seem very low but it actually works out pretty well and then on top of that I'm going to put down something here and I'm going to explain it a little bit more because I know a lot of people are going to be against this so Jason I have a Discover credit card and I know Dave Ramsey is completely against it I'm following a lot of Dave Ramsey's principles but I just wanted to say that Jason and I have never had issues with credit cards we both got credit cards when we turned 18 and since then we consistently paid off everything that we spend it on at this point right now we're putting our groceries gas and all of that and then we pay the entire amount off every month so for us credit card or non issue that I understand why some people don't use them so for us or one of the reasons why we keep it around is because of the discoverer points and I know it's really not that much money but it does give you something per month and for me that goes into allowance so every month I get between $10 and $20 it just all depends on what we buy and all of that so that gives me a total of between 70 and 80 dollars which is a pretty good amount for the month I would have to say that a lot of times I use this money for going out I use it for stickers for my planner and obviously I said that I was using it for clothes so 70 $80 works very well for me and what I need but again what you use your allowance for and how much you give yourself is completely up to you in your budget and what works for you or your family but that's kind of where I stand now so that is pretty much it that's really all that I wanted to talk excuse me talk about today again it's super important to give yourself a set amount of money for extra things that come up so if you have any questions please feel free to leave them down below and I will see you guys in my next video bye guys