It certainly isn’t uncommon for parents to dole out weekly allowances to their children for doing odd jobs, performing chores around the house, or in connection with whatever other agreements parents and their kids concoct.

But adults, who work hard for their money, getting an allowance too? How could that possibly make sense? Well it does and it can work for you too.

Giving yourself a set allowance each month can help you not only stick to your budget but also allow you to gain a better understanding of your needs and wants. If you tend to spend irrationally because you have unlimited access to credit and debit cards, having a set amount of cash in your pocket might be just the visual aid you need to learn how to spend your money wisely.

The first thing you need to do is establish a budget and see just how much money you can allow yourself to have in a week or a month. If there simply is nothing “left over”, you might be inspired to cut out the non-essentials such as expanded cable or your landline phone, in order to find the extra cash. It can be a great motivator to cut down on expenses, knowing that the money you save can now be spent on stuff you want freely. While you may not have a large amount of allowance each week or month, you can get inspired to find more available money, while still satisfying all of your financial obligations.

Having a sense of reward for job well done can be extremely satisfying, meaning that even though you are sticking to a budget and making all of your payments on time each month, you still get the freedom to enjoy a little cash in your pocket. That alone can make the strain of working towards a completely debt-free lifestyle a little easier to do.

This can also be beneficial for married couples who often do not have a separation of accounts. This can be a burden, especially during the holidays and other special occasions when you want to be able to buy gifts discreetly. It can be difficult to use credit cards or debit cards which the gift recipient can easily see in a statement. Having your own funds to spend can reduce some of the money strains couples often feel, provided the allowances are within the budget and equal for both spouses.

If you think allowances are just for your kids, you can be missing out on a great financial tool for the whole family. When your kids see mom and dad getting and using an allowance each week, they will likely take that lesson with them into adulthood.