...comes the royal 'do-over'. So, you will notice I have changed the dates of my experiment from May 2010 to July 2010, and I've rolled back my totals to $0. Sometimes everyone needs a do-over, and luckily this is my experiment and I have the mighty power to do so :) Now that we are going to the envelope system it is time to kick some money-saving booty!!
I've learned a great amount of info on saving money the past few months, but now is the time to actually APPLY my knowledge.
Okay, so today is July 1st and today is the day to fill up my envelopes. No more check-card purchases on groceries, eating out, or household purchases (i.e. Target, CVS etc.). Since this is the first month I am not going to deviate from our previous budget goals very much. The main goal for the month of July is to simply not go over-budget. If we stay within these numbers we will consider this a major success. Remember, our main problem has always been not sticking to our online/Excel made budget. There was not enough accountability in that system for us. They were more like 'virtual' numbers than real. Once we accomplish this July goal of not going over I hope to be able to lower our monthly budget a little bit every month in all three categories. Within a few months I hope to see a good sum of SAVINGS being applied to our Financial Peace baby steps.
*I'm only trying the envelope system on 3 categories this month as to not be overwhelming. If it goes well I hope to slowly add envelopes until we are completely check card free. Also, I'm only withdrawing money once a week. Some people withdraw money for the whole month. I feel like that is too much temptation for me. I would be likely to pull money from week 2 if I start to run out of money mid-week 1. This way is safer for me.
Weekly Envelopes:
Groceries $100 Thursday-Thursday
Target/CVS/etc. $50 Sunday-Sunday
Dining Out $60 Thursday-Thursday
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