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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. Today, we're going to talk all about allowances. I know what a lot of people are going to think: why do someone who has a job or the family need an allowance? I know it might sound a little weird, but it's actually really important. So, I want to go into some reasons why it's important and then kind of show you what my allowance is and how we treat that and all of that fun stuff. The first thing I wanted to go over is why it's important. I'm just going to put this here because I want to stress that it's super important. There are going to be things throughout the loan that come up that an allowance is going to be useful for. 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. I feel like they kind of come up randomly, and so it's hard to budget for them even if I wanted to. That's where my allowance comes in. If I give myself a set amount every month or every week, however you want to do it, it gives me the opportunity to do things like that without going over budget. A lot of times, I struggle with spending too much on certain things. So, having an allowance kind of sets me up so that I know, "Okay, there's a set amount that I'm getting every month and I need to prioritize what I want to use that money for." Recently, I've been using my allowance to buy new summer...