subject: Control Your Spending With An Envelope Budgeting System [print this page] Setting up a budget is a great way to manage your personal finances. There are many budgeting and personal finance management systems available today, ranging from simple pencil and paper systems to expensive budgeting software. If you're looking for a way to control your spending, here is a system that is inexpensive and easy to set up and use.
It's called the envelope budget system, and it's similar to what your grandparents probably used for managing their money. First, you need to set up a budget by creating categories for things you spend money on each month. Common categories include groceries, dining out, transportation, utilities, entertainment, clothing, household expenses, fun money, and miscellaneous. There will of course be a few things you won't be able to put in the categories such as automatic withdrawals and bills paid by check. But everything else can be put in your categories. Look at past spending patterns for the categories you set up, and estimate what you will likely spend in the upcoming month.
Next, total up all of the expenses for the month and make a withdrawal from the bank for that exact amount. Then label each envelope with the categories you've identified, and fill each envelope with the money you've budgeted for that category. For example, if you have budgeted $50 for clothing for the month, put exactly $50 in cash in the clothing envelope.
When you shop or pay a bill, take money from that category you need to pay for. If you need to go to the grocery store, take as much money as you think you will need for your shopping list, and then pay cash for your grocery items at the register. Any excess money you will put back in the envelope for later purchases. Once you've spent all of the money in any envelope, you're done spending for that category.
It's o.k. to transfer money between categories if you need to, i.e. you have $25 left in your entertainment envelope and you transfer it to your empty grocery envelope. However, you must resist the temptation to visit the ATM or charge your expenses if you run short for the month. It's important that you learn to spend only what you have in the envelopes to avoid continuing going into debt.
In conclusion, using an envelope budgeting system is a great way to control your spending and get off of the credit charging merry-go-round. With some practice and discipline, you'll get the system down and learn how to pay off your debt, save money, and build financial stability in your life.
by: Jesse Whitehead
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