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How Often Do You Shop?
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<blockquote data-quote="Lil" data-source="post: 707335" data-attributes="member: 17309"><p>Yes, it's the envelope method. Obviously, bills get paid out of your checking account. But then you set a budget of (for example) $500 for food, $150 for earing out, $200 gas and misc. personal spending, etc. You take that money out of the bank in cash and put it in labeled envelopes. Spend ONLY the cash. When that $500 envelope is empty, you're done buying food until the next budget period. Makes you buy necessities FIRST and not spend on impulse items, because you don't want to run out of money! </p><p></p><p>Actually, Jabber was the one who introduced me to that method and we did it for quite a while. It makes you very aware of your spending. My problem with that was we'd each get $150 for gasoline and "mad-money" - but he'd end the pay period with $50 and I'd spend it on necessities like groceries because I'd run by the store without the food money envelope and pick up stuff for both of us...or I'd give some to my son...or some other thing that would be for "us" but not budgeted. So he would have savings building up of "his" money and I would be a pauper. That was annoying.</p></blockquote><p></p>
[QUOTE="Lil, post: 707335, member: 17309"] Yes, it's the envelope method. Obviously, bills get paid out of your checking account. But then you set a budget of (for example) $500 for food, $150 for earing out, $200 gas and misc. personal spending, etc. You take that money out of the bank in cash and put it in labeled envelopes. Spend ONLY the cash. When that $500 envelope is empty, you're done buying food until the next budget period. Makes you buy necessities FIRST and not spend on impulse items, because you don't want to run out of money! Actually, Jabber was the one who introduced me to that method and we did it for quite a while. It makes you very aware of your spending. My problem with that was we'd each get $150 for gasoline and "mad-money" - but he'd end the pay period with $50 and I'd spend it on necessities like groceries because I'd run by the store without the food money envelope and pick up stuff for both of us...or I'd give some to my son...or some other thing that would be for "us" but not budgeted. So he would have savings building up of "his" money and I would be a pauper. That was annoying. [/QUOTE]
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