With the new year starting, I'm taking a fresh look at my budget to see if I can use my money more wisely and save more.

While walking to the subway yesterday, I had an idea. What about an allowance? The allowance would have to cover extras — like meals out, movies, food and clothing above monthly budgeted amounts, etc.

Does anyone do that? If so, what has your experience been?

I'm thinking I might give it a try beginning in February. Next step: deciding an amount? What do you all think?