Hey there, sugar baby! Welcome to our Ted Talk about a common term you probably have heard of: allowance.
Whether you’ve been in the Sugar Bowl community for a while or have yet to join, the term ‘allowances’ aka “money” you get from sugar dating should be familiar to you.
Okay, you have all the money. Now what?
We know it’s tempting to splurge after receiving your allowances but it could be a recipe for disaster, leaving you penniless.
Here are some tips on how you can handle your allowance wisely:
Tip #1: Don’t forget to save, honey
Even if the amount you’re getting every month is more than enough, you still have to save for the future.
What if you lost all of your sugar daddies at one go with no warning whatsoever? We know you wouldn’t even wanna imagine that!
Set aside a certain amount of savings every month such as 10 to 15 percent of your total allowance. Take this tip and you’ll thank us later!
Tip #2: Settle all your debts ASAP
Debts can be a huge burden. Not only does it affect your spendings, but it also has an impact on your credit score as well as on your ability to borrow money or pay a low insurance rate.
When you carry a lot of debt, it hurts your credit score and your ability to get approved for new loans, credit cards, and an increased credit limit.
Banks do look at your credit score, so if you want to get on their good side, pay your debts on time. The sooner you pay off your debts, you’ll feel more at ease and pay less interest, too.
Tip #3: Get insurance
Our life is definitely not in our hands – we don’t know what will happen to us, accidents or mishaps can occur with no warnings.
For the uninitiated, insurance is all about providing a financial safety net that helps you to take care of those around you and yourself as well during times in need.
Everything is unpredictable. You or a family member could suddenly get sick or perhaps catch a virus which would cost a bomb when paying for all the hospital bills.
Hence why you definitely should invest and get yourself health or life insurance. Every month, the amount you’ve set aside to pay for your insurance could help you pay for any unexpected events. Most insurance comes with several benefits as well, such as annuities or cash bonuses.
No one ever regrets getting insurance. Plus, you would feel secure knowing you have a certain amount of cash set aside for any emergencies.
Tip #4: Be a smart shopper
You might be tempted to spend everything you have. But if it’s your own hard-earned cash, it may not be ideal to spend without a care in the world.
It would be a good idea to save those shopping sprees when your SD offers to pay for everything. Or even better, save your allowance until there are sales.
And instead of splurging on unnecessary products, why not spend time investing in yourself by learning new skills or sign up for a gym membership?
Taking care of your mind and body helps to maintain your sugar relationship while keeping your daddies happy too.
Tip #5: Keep your expenses on the down-low
Do you really need to be spending more than 2k a month just to pay for your luxurious studio? Probably not.
You wouldn’t have extra for entertainment or most importantly, good food if your monthly expenses are sky-high. The rule of thumb is to spend 50% of your income on needs (your monthly expenses which you can’t avoid).
Besides, it’s always wise to keep your expenses to a minimum. That way, you won’t be using up your whole allowance just on your monthly expenses alone and have extra to save.
Tip #6: Keep track of all your expenses and allowances
That means your debit and credit. If you’re unfamiliar with these terms, you probably should learn more about them. Debit means money going into your account and credit means money going out of your account.
Without knowing what goes in and out of your bank accounts, your balance might be flashing a single digit right before your eyes.
If all else fails and you can’t seem to handle your allowances well? Then maybe it’s time to…
Tip #7: Hire a professional to help you out
If staying on top of your bills and allowances every month takes a toll on your lifestyle, by all means, hire a professional accountant to handle everything from A to Z for you.
You wouldn’t even need to lift a finger – just pass every invoice, receipt and allowance amount to them.
Despite the common myths surrounding the fact that SBs are all dumb blondes, prove to them that they’re wrong by taking your finances to the next level by getting a professional to help you.
When your SDs find out how well and organized you are with your finances, you might just get a huge bonus.
With these helpful tips, go ahead and sign in to your account since you are well prepared now! Not yet a member? Sign up today, there’s no reason not to after learning how to handle your allowances!
Need more helpful tips? Head on down to the Sugarbook blog!