Principle #3: Learning How to Spend “Emotional” Money

Learning How to Spend “Emotional” Money Barb and Russell Bellfrey* had been deeply in debt for many years. Even though they were both working full-time jobs, they never had enough money to make ends meet. In addition, their family, which included four children, had never been on a vacation together because the Bellfreys knew they could not afford it. They came to Money Mastery desperate for a way to get their debt under control, but also look- ing for ways to relieve the emotional strain and put fun back into their fam- ily life. As they were taught Principle 3, Russell had a hard time accepting that they would ever be able to find even a little extra money they could put away for emotional needs. With their debt load such as it was, saving even a little money for this purpose seemed impossible to him. But as the Bellfreys began tracking their money, Barb and Russell discovered $100 a month that they had been wasting on unnecessary items that they could now spend into their emergency, emotional, and long-term categories. Barb began putting away 20 percent of that $100 (or $20 a month) into an emotional spending account. With time, as they got their spending and debt even more under control, the Bellfreys began depositing $60 a month into their emotional account. Little by little, the cash began to build up and Barb and Russell started to get pretty excited with the results. 

They finally reached a point where they could do something for the family of which they had always dreamed. Their plan was to fly to California, rent a house on the beach, and do nothing but play in the sand and sun for a whole week. Barb and Russell decided to secretly prepare for the trip without their children’s knowledge. They packed each child’s suitcase and hid the bags in the trunk of their car. They then told their children that they were going to the airport to pick up an aunt who visited them regularly. When they ar- rived at the airport, instead of parking the car they pulled up to the unload- ing zone and the children began to ask questions. Barb and Russell then told their kids they were all going on a vacation by the sea to spend a full week body surfing and playing in the sand. The children couldn’t believe it. So Barb reached for one of her girls’ suitcases and pulled out the child’s clothes. “Are these your clothes?” she teased. Her little daughter said yes. Barb then handed the suitcase over to the sky cap and led the children onto the plane. The family spent a wonderful week on the beach and have since spent other wonderful vacations together because they learned how to save money each month for family outings. The pictures and memories they have of these activities have strengthened their family over the years. All of this was possible because the Bellfrey’s realized the importance of emotional spending and prepared for it.