Well first of all, everyone needs a budget. Now in these days there are several ways to do it ? You can do it?automatically?online, with services like mint.com or other fancy applications you can install on your smartphone. You can use a good old excel sheet or a little book. It does not matter how you do it, but if you want it really simple ? use the envelope system. This is how grandma used to do it before the use of debit or credit cards.
How does the envelope budget system work?
It is fairly simple. Once you get paid ? take the money out of your bank in cash and divide them up in the?relevant?envelopes. If you plan on spending $250 on groceries, put $250 in your grocery envelope. Now, I?realize?that it?s really hard to live a cash-only life, so I would not?recommend?it for all expenses. But it works pretty well with groceries, entertainment, clothing etc. Once you spend all your money from your envelope, you?re done spending on that specific range of products. Now you can not live without food, so you still have the options of eating leftovers or transfer some funds from another envelope. But afterwards, review your spending carefully and see why it did not work out. Most likely you where not aware that you are coming close to your budget ? so next time, check the envelopes more often. This will slow you down?
It will take a few months?until?you?ve worked out your perfect budget, but still ? it still works ? even if it?s old school.
Filed under: Personal Finance ? Tags: budget, envelope, money, monthly budget
Source: http://www.smartmoneyguy.net/2011/budget-envelope-system/
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