So I am really kind of nervous with this new adventure we are about to partake in. We have decided to go to an "envelope budgeting" system. I have done research, figured out how it would work best for our family and today was the official first day. So far, so good. I paid our household bills through web bill pay as I always do and then this morning, I went to the bank and withdrew the money I needed to fill our envelopes. The only money that is left in our account is the money allotted for gas. We have decided to not do our gas money in cash mainly for my convenience. I typically have at least one child with me when I get gas and instead of having to cart them inside, it is much easier to use my card right at the pump.
But I digress....I am hoping this system will not only prevent us from frivolous spending but enable us to build up our savings, which I am really focused on for our future. I am the biggest culprit of relying on my check card way too much. I personally think it will be more painful for me to put down five $20 dollar bills to pay for something rather than running my check card. I even went as far as taking all of my credit cards out of my wallet except for the one I need for gas. That was painful....LOL
So tonight was the first time in a long time I paid cash for something and it was kind of odd. I had to remember to grab money out of the appropriate envelope and remember to put what was left over back into the envelope when we got home. But I survived....now let's see how my family survives during our first month of our new budget system!!
To my friends who may have used this system or are using it, please share any tips you may have!! They would be greatly appreciated!!!
Wish us LUCK!!!!
5 comments:
So happy for you!
It really isn't as bad as it sounds and you'll fall into a groove before you know it.
We also keep gas money in the account for the same reason. I couldn't not even imagine lugging both kids into a gas station to pay for gas.
Good luck! I'm about to blog about money, too! :/
By the way, I've made lunch for Rick the past few days since we talked. :)
Jaime...you have my curiosity...I am going to have to look up the envelope system! Good luck with the new budgeting idea!
Carrie
I was going to say... Rose is probably the best to talk to about it :) Oh and I will be starting that very soon too. Good point on the gas part, that is probably what we will do as well. Good luck!
Hi Jamie,
I stumbled across your blog today when I did a search for envelope budgeting. Good luck with this new adventure! I tossed the credit cards a few years ago and have never, ever regretted it.
Once you get used to the system, you might try converting to virtual envelopes. There's a very helpful Android app available (free) that is based on the envelope budgeting system. It's called EEBA (Easy Envelope Budget Aid). With EEBA you don't have to worry about carrying all your cash with you all the time.
For more info you can go to https://eebacanhelp.com/getstarted
A disclaimer - I work with the people who created EEBA... They built it because their families used the envelope budgeting system and they needed it to be virtual. It really works well. I hope it helps you!
:-) Tricia(@EEBA)
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