"Slush Fund"

[JMG]

In another post, Big Fin brings up a good point … "slush fund". Similarly, like Big Fin … I'm "cheap" (I like to use the word "frugal" ).

When I graduated College … I didn't make much at first. I chose to stay in Montana, so I paid the "Big Sky tax" (low paying job = cost of choosing to live here in MT). When I met my "wife-to-be", I hunted a lot. She knew I hunted every Fall. I'm not saying we didn't have issues with "my hunting" at times in our relationship … but she knew. Because we were and are careful with our money … I tried to think of ways to make more money without being absent from our relationship or raising our two boys. So, I thought … If I spend "my money" on travel … I could/should get the per-diem when I am reimbursed for travel expenses. I approached my wife with the idea (transparency) and she thought it was a good idea. I set up, through my job, that the per-diem reimbursement would be direct deposited into a separate saving account (aka - "slush fund") that I pretty much use for hunting. Now that we are in a better place, financially, we give each other an "allowance" each pay period. So, most of this money goes into my "slush fund". By putting aside an "allowance" we don't take a "big" hit in the Fall when I go hunting or she does what she does.

In my job I travel regularly and my job provides me with per-diem for lodging and food (morning, lunch, and dinner). I stay at hotels that serve a breakfast, so I don't spend money on that. I usually go to lunch with coworkers or others, so I eat at a decent restaurant for lunch. I eat at McDonalds, Wendys, Subway, etc. for dinner (one night out of the week I might have a nice dinner). By not maximizing my per diem, I save money. When back from my travel(s) I fill out the necessary paperwork (receipts, etc.) and the funds are direct-deposited into my separate savings account. It's my way of setting aside a little money and after some time … it adds up.

What are some of the ways you set aside money into your "slush fund"? Maybe your idea will help someone else with putting money aside.

 

[QuazyQuinton]

My wife hunts, too, so I'm in favor of any ideas to help her add money to her slush fund.

The only thing I do is tally the estimated cost of licenses/apps/tags for the year and divide equally over all paychecks starting each December 1st. The "fund" is still in the checking account, but this makes it a line item in the budget every two weeks. This year, with 5 in the family hunting, it's $86 every other Friday, about half for home state stuff and half for out of state apps.

QQ

 

[TN2shot07]

That’s pretty creative, when I travel for work our per diem was more of a max amount. You would only be reimbursed for what’s spent.
We also do a budget where we each get a set amount of “personal” money. You can use it to go out and eat lunch everyday or stash it away and buy a purse or rifle, no questions asked. We each occasionally do small side jobs and unless we have a set goal we are working on (i.e. new car or housing project) that’s your money. The regular budget completely works on our normal salaries, so that money is icing on the cake.
Best advice I can give is get out of debt and stay out! My hunting opportunities are way better when your paycheck belongs to you instead of the bank, cc companies or the car company of your choice.

 

[Wildabeest]

As much as I travel for work (a lot of it international), that fund would be larger than my 401k if I did that! I think you’ve got great plan there for building up savings. Good work!

 

[elkantlers]

My main "Slush Fund" comes from money I make off of trapping Bobcats. The Fur Checks are all mine and mostly get used on out of state hunting for myself and family. On a good year I can way more than finance all of my out of state hunting. Since I love Trapping it is a pretty good setup.

 

[Cammy]

My son travels for work and he always books a hotel with a kitchenette. He cooks his own meals and saves that way. When I was in the military and would travel, I would buy a loaf of bread and a jar of "Goober grape or strawberry" and eat sandwiches rather than eat out. Even now I buy sandwich stuff and stash it in the fridge at work and bring fresh veggies from the garden for lunch.

Nothing wrong with being "cheap" or "frugal" in order to pay for what you want. At 55 my house is paid for, I max out my 401k each year and contribute to a traditional 401k and I am looking to retire in 3 years. In a much better place than the young couple at work who were struggling financially and discovered that they were spending $1100.00 per month on take-out lunch and dinner. They have attempted to curb that however, they are slowly falling into the same rut again.