A few months ago we decided that we were spending too much and not saving as much as we would like. This also works if you have a very tight budget and just need to make your pay check last till the next one.
Anyway what we did was budget on how much we usually spent on groceries, gas, eating out, miscellaneous. So in separate envelopes we put; $350.00 for groceries, $100.00 for gas, $125.00 for miscellaneous and $250.00 for eating out. We are retired so our budget is a little different than for someone who is working and driving everyday. You just need to calculate about how much you spend or how much you want to allow yourself to spend and put that into separate envelopes.
As you go through the month you can keep track of what you are spending in each category and where you need to cut back or eat a cheaper place, share a meal or shop the sales. We found this to be very helpful in not over spending. When you just have a debit card and not cash you tend to just keep on spending and not even realize how much you really do spend.
We were able to stick to this very easily and the first month we were able to save even more than we thought we would. When we got towards the end of the month our eating out money was getting a little low so we went out a couple of times less and shared a meal here and there (so many places serve too much food for one person anyway)
This really keeps you in check of how much you spend and not to over spend and be broke before the next paycheck. When you see that you only have $50.00 left for groceries you become a better savvy shopper!
For whatever reason you use this 'Envelope Budget' you will quickly see just how much you really spend. Also when you use cash (the old fashion way to pay) you tend to be more thrifty. We found this so true. When we use our debit card for everything you really lose track of your spending.
If you want to save or just budget give this a try! Come post your results with us!!
Anyway what we did was budget on how much we usually spent on groceries, gas, eating out, miscellaneous. So in separate envelopes we put; $350.00 for groceries, $100.00 for gas, $125.00 for miscellaneous and $250.00 for eating out. We are retired so our budget is a little different than for someone who is working and driving everyday. You just need to calculate about how much you spend or how much you want to allow yourself to spend and put that into separate envelopes.
As you go through the month you can keep track of what you are spending in each category and where you need to cut back or eat a cheaper place, share a meal or shop the sales. We found this to be very helpful in not over spending. When you just have a debit card and not cash you tend to just keep on spending and not even realize how much you really do spend.
We were able to stick to this very easily and the first month we were able to save even more than we thought we would. When we got towards the end of the month our eating out money was getting a little low so we went out a couple of times less and shared a meal here and there (so many places serve too much food for one person anyway)
This really keeps you in check of how much you spend and not to over spend and be broke before the next paycheck. When you see that you only have $50.00 left for groceries you become a better savvy shopper!
For whatever reason you use this 'Envelope Budget' you will quickly see just how much you really spend. Also when you use cash (the old fashion way to pay) you tend to be more thrifty. We found this so true. When we use our debit card for everything you really lose track of your spending.
If you want to save or just budget give this a try! Come post your results with us!!
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