Reward system

[liveandchi]

When you save money, do you have a reward system when you meet certain goals? I feel like that our scrimping is a neverending thing and there is no light at the end of the tunnel. Maybe I would have a bit more postive attitude (and DH too) if we had some type of reward for meeting certain saving marks. Do reward systems work? And does anyone have suggestions on the best way to set it up?

[PrincessPerky]

Re: Reward system

I don't have one right now, the 'Cool! Bill is going down' is enough of a high for now. But if you need one go for it, make it inexpensive and something you both enjoy. Trust me I will need one soon enough.

I prolly would 'grade' my spending habits, with an A deserving a bigger reward than a B, and a C or lower being unacceptable, but I am a teacher so I think in grades a lot. Pick a system of reward that works for you, but doesn't negate all the hard work you did in saving money and paying off bills.

My favorite reward is a bottle of champagne, after the kids are in bed. (You gotta use your imagination for why the kids need to be in bed) There is a nice brand, andre maybe, that is about 5$ a bottle in the grocery store around here, very good. Use a frozen juice mix with seltzer water instead of regular water if you are pregnant or nursing, or just don't want to get tipsy. (One bottle split between two, over an hour won't get me more than tipsy)

Also a trip to the park with no worries (meaning no money talk) Possibly with hot chocolate waiting when you get home. Maybe a note about how wonderful your DH is, after all you did marry him for some reason other than money right?

A trip back home to visit family with a budgeted amount of 'whatever' money (our families are from Pgh, we are in NC, this is rather expensive reward for us, but we try to plan it 4 times a year)

A trip to the library (I don't drive, so this requires careful planning to get a day when my DH will take me and the kids)

Steak! (You can get good steak for around 2 or 3 $ a lb if you watch for the sales, good being relative)
Any other favorite home cooked meal, If you aren't that fond of your own cooking, ask your family who can cook to make something for you as a reward for your DH (never mind if it is your own favorite, I have an easier time asking for a reward for him than me), I am sure most would be delighted to hear you love their recipe well enough to request it.

A day with favorite hobby, My Dh likes paintball guns; we use the woods nearby so the only cost is the paint. Also some rockets, he has several with engines, so all he needs is time.

Fudge, ok it isn't that cheap to make (about 4$ enough for 8 palm sized gifts, compared to cookies at 1$ for a whole batch) but it sure is easy and microwavable (or top of double broiler) I can get you the recipe if you want.

Also Apple pie or any other baked good that your DH likes and you don't mind making, I have a really easy recipe so it looks fancy but is hardly any work. Don't tell my DH, I remind him all the time that this baking stuff is work. (And it is, he certainly doesn't do it, and it certainly costs a lot to let someone else do it, so it must be work, the fact that I secretly like it is besides the point!) Again ask a family member for 'his' favorite if you arn't fond of your own abilities.

A favorite movie with air-popped popcorn (or whatever you prefer), and warm blankets.

I have also found that cranky men follow the woman’s lead if all I do is notice the crankiness, rather than nag or join in. something along the lines of 'you planning on pouting all day? 'Cause I was going to do X" (with X being something inexpensive and fun). Don't get me wrong lots of days my DH is the one to cajole me out of my crankiness, though I tend to be cranky about my 2yo's brattyness rather than money (no money trouble is as bad as having to deal with a brat in my mind)

Hope some of that is fun to you, and I didn’t just bore you.

[terry1156]

Re: Reward system

Some great ideas on rewarding! If rewarding will help you toeard your goal, then by all means use it. There is no "one answer fits all" when it comes to paying off debt and you need to use the systems that help you do the best.

When we were paying off debt, we would reward ourselves. When it got to the lowest point, we did it on a daily basis. We went out and bought a package of our favorite (and somewhat expensive) candy. At the end of the day if we both agreed we had done a good job that day, we got to eat a piece of the candy.

It is much easier to use the reward system if it is immediate and not a year down the road so I would opt for small, frequent rewards over something big that is a long way off. Or at least combine the two together.

[PrincessPerky]

Re: Reward system

I thought of another couple.

We like to have company over and if we do it potluck or sometumes we cook they bring the movie, it is cheaper than renting alone and we get the company.

Also we love to play games, we have a monthly ish Games Night. With a standard BYOBOC (Bring Your Own Beverage Of Choice) mostly because I am not stocking weird favorites, so the house has iced tea, water, juice (and of course milk). anything else they bring themselves, and everyone seems perfectly willing to do that. We do usually have dinner, something fun but inexpensive.

[crosses]

Re: Reward system

I often give myself a small % of the money I save to shop at garage sales and flea markets (something I love to do). If I save $10, I may give a $1 to my shopping account.

[BillsGirl]

Re: Reward system

Thats what my hubby use to let me do when I worked I would get to keep 20% of my paycheck! I thought that was rather nice considering then we were EXTREMELY tight on money! Now I don't work so in turn I have no money!! But atleast if I want sdomething all I have to do is ask and my hubby will give it to me!

[CRFSaver]

Re: Reward system

The biggest reward for me was seeing interest credits in my savings accounts that could buy more then a pack of gum. The geek I am I get all excited to see the credit hit my account on the first of the month. Now I have little goals of, I want to hit $50 dollars a month in interest in X account. Lots of fun.

Otherwise I reward myself with every day living. In particular, there are things for me that I never skimp or be frugal on. And that is food. I love new york strips and t-bone steaks that can be quite expensive. Of course I also buy 10 of them when they are 5.99 a pound and freeze them but that is the one thing I never skimp on.

I could probably do a lot better on being more frugal but I am still doing quite well I think.

[contrary1]

Re: Reward system

I don't need a physical reward when paying off debt. I'm just jazzed to see the numbers changing in my direction. I do make charts! I'm a fan of charts & lists and notes to myself. I also journal & have always listed my goals, both immeadiate & long range.
If I'm really going to float my boat, I start using colored markers on my chart!! Too funny, when I actually write this out here. But, when something is paid off, drawing the line through it is terribly satisfying to me. I don't need anything else.
Now, my "chart" is short enough it would fit on the back of my hand. ....I remember it being many sheets of paper, all taped together & posted in front of me at my desk.

[Ima saver]

Re: Reward system

I use to keep charts too, one for how much I have in savings and one for how much I have in debt. Watching the savings go up and the debt goes down was a reward to me. But I like the idea of rewarding yourself for being frugal.
I am excited to watch the interest post to my account each month, or quarter.
I have quite a bit sitting in a money market account to build a spec house and I am making about $600 a month interest.
That is exciting to me cause I have never made more than $200 a week, so that is like 3 weeks pay for me.

[JoyJoy]

Re: Reward system

We reward ourselves every month! We are to the place where we both get $250.00 a month to "blow". We have our own individual checking and savings accounts and then we have a joint savings and checking account. Our joint account we use to pay our tithes, for savings and of course for bills. However, we do deduct the $500.00 a month right after the tithes are paid for ourselves. It makes it so much easier for us to pay our bills and to leave what is left in the joint account for the next month doing it this way. Our income tax refunds will stay in the joint account for house taxes and house insurance.

We were both heavily indebted when we married 8 years ago but we perservered and enjoyed the simple things in life like going to the riverside and watching the boats, going for an ice cream, reading and working on our genealogy. We still do these things now as they are apart of us. It's just good knowing that we are in the position finally to PAY OURSELVES FIRST.

[frugalfarmwife]

Re: Reward system

We use little rewards right now, paying down the mortgage is MUCH more important to us. A steak dinner, a long walk on the property, once in a RARE while a beer with dinner or a bag of chocolate.

Watching the savings grow and the mortgage shrink is the biggest reward to me though, knowing we're on our way to owning the place free and clear.

kj

[Ima saver]

Re: Reward system

I have been trying to think of what I could do to reward myself once in a while and I think allowing myself to have something I have given up might be good. I love donuts with chocolate icing. I started a low carb diet two years ago and I have not had one since. That would be a wonderful reward for me, but it might push me towards craving donuts again!! I will have to think about that and how much should I save before I can have that donut.