Yesterday was the first day of our new envelope system, and I'm excited to get started posting about it! We started out by sitting down together after dinner the night before payday and making a budget. I think it's extremely important to base your budget on the events and specific needs of that pay period. For example, July 1-15 will include a trip home to Florida for the 4th of July, as well as both my parents birthdays. Therefore, we budget accordingly.
Here are the amounts for July 1-15:
Grocery/HBA: $120
Cash: $100
Gas: $75
Entertainment/Misc: $100
Travel: $180
Gifts: $50
Dog: $20
Day one went really, really smoothly. I love paying cash! And it's so convenient to pay with cash and not have to swipe that card for $1 here, or $3 there. I'll update in a few more days, but for now HAPPY 4Th OF JULY!!!!
Thursday, July 2, 2009
Envelope System: Day 1
Posted by JodieLynn at 7:42 AM
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1 comments:
I agree, paying cash is the way to go. We are living overseas right now (although I am former military, I'm now civilian) and we pay cash probably 95% of the time. For this reason, the envelope plan leads to the best results for budgeting. It offers us some insurance for knowing exactly where the money is going, and when! Great blog, by the way...
Jerry
www.leads4insurance.com
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