Divide your cash into envelopes

FireWyrm

jon557 wrote: »

FireWyrm - you have a very unique system... But if it works for you, thats what counts.

I'm not quite sure what to make of that!

Its actually not complicated, its just that I know I'm a compulsive spender. However, my husband is a compulsive spender who tells himself lies. So, essentially, either I step up and do the finances myself (like being a barmaid when you're an alcaholic), or we dont eat because DH spent the money on 'stuff'. The only way I can manage this is to get in my own way as much as possible - hence the locked boxes, hard to get to accounts etc. It keeps me (mostly) honest in that I cant just fritter the money away. I have 'holding' credit cards on 0% interest that I deliberately never learned the PIN for. I have to be constantly on guard or I will cheat myself telling myself it's 'only' this much etc. If I work on cash and with text messages on the phone etc, it's in my face all the time. Actually, the alcaholic barmaid analogy isnt such a bad one. I'm recovering, but oh, the temptation to spend spend spend. I'm just trying to dig us out of our collectively dug hole and the only way is to be rigid and intollerant of myself.

Learning2Budget

Been doing very well with my cash envelopes. So am taking the next step and keeping the money in my bank account so that i can do online food shop. This was always a fail previously cos my budget was shocking. But now i think by using the savings account for holding the money then transferring shop money back into my account for shopping days, we may just manage it. Still taking petrol money and kids clothes money out in cash. But attempting to be good.
Giving it a months trial. Wish me luck. L2B.x

HeadAboveWater

Learning2Budget wrote: »

Wish me luck. L2B.x

Good luck!!

Cash is the way to go I say!!

I've stopped carrying my debit card about, budgeted, and only withdraw £xx per week. That cash is to last me the week - food, shopping, petrol, treats, whatever.

When I can actually see the amount of cash I gotta hand over at a checkout, it makes me think twice about spending. Plus I know I've only £x left in wallet to keep me going a few more days.

Takingcontrol_2

Just whizzed around to the post office and bought my little envelopes! Also a cash book to use as a spending diary......uh oh!

Squirrel29

I'm doing this from payday Fri, after living on £3 all week as I'd gone bonkers at last payday!!

HeadAboveWater

Squirrel29 wrote: »

I'm doing this from payday Fri, after living on £3 all week as I'd gone bonkers at last payday!!

It DOES make it easier

Jo3y83

I did this exact exercise for about 3 years and it helped so much as I could control the amount I was spending and I was very strict not to open the Week 2 envelope until that week was upon me. I'd advise anyone to give this a go as it really does work!

Jo4

What bank accounts are best to gain interest if using a bank account rather than envelopes?

JayCarter

Hey! I will be starting the envelope system on Monday (Pay day).

I'm also one of those sad people who get excited haha!

Also, I was trying to look for the cheapest smallest envelopes and PoundLand have 80 Money Envelopes for £1

I'm not sure if anyone has cheaper or has said this one before, reading through 7 pages would of taken a while! Haha

Jay

Jo3y83

I did this exact thing and it works a treat, in fact I still do it now sometimes Can really recommend it as a way of keeping control of your spending