I am naturally a spender. My husband and I have come to an agreement on spending, saving and future financial goals. To get my free-wheeling spending habits under control, we went to an envelope system. The simple thing about it is, each pay period, you put the cash in that you have allocated to different budgets in your home. Once the money is gone, it’s gone until the next pay period. Absolutely NO SWIPING of the debit card. My rule for myself is, if I swipe, it comes out of the next months budget (and that really hurts!)…so no swiping allowed.
Normal people chunk all the money that they are saving for different things into one savings account. That does not work for me. Either I would overspend on gifts, or I wouldn’t use the money I have saved, such as for our Christmas downtown Chicago trip. So, if you can manage it, by all means, use a savings account for your longer term savings as well. This is just what works for us…
OUR ENVELOPES ARE:
(this list may look funny, remember, this is not our household budget of bills, giving, tithing, etc. This is the list of the money that you spend each month to make your household go.) If you don’t spend from each of these envelopes regularly, leave them at home and don’t touch until you need them. I usually only carry my Grocery & Eating Out cash with me. All the other envelopes are more like savings until a purchase is required.
Save Money before you go grocery shopping
Save money while grocery shopping
Save money after grocery shopping
Make it Yourself Household Cleaners!
I hope this helps you see how an envelope system works and what a blessing it can be in your household budget!
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