I think my new money ideas will work!

Avatar for cherfer
iVillage Member
Registered: 11-11-2003
I think my new money ideas will work!
5
Mon, 01-09-2006 - 1:32pm

Well for the new year, one thing I decided to do was to withdraw all my spending money, transit money (for commuting to work), and gas money in cash on payday. I was using my debit card alot, and while I was keeping track of it, it was easier to justify spending a little more than I budgeted.
So what I do is withdraw the money in cash, spend what I need, and if I have any cash leftover I'm putting it into an envelope that I've put aside for desperately needed new work clothes. It's helping me spend less money on things I don't need, like going out to eat, because I have a savings goal in mind. It's only January 9th and I already have $22 in my clothing fund.
Yeay!

Just thought my idea my help someone else.
Cheryl

iVillage Member
Registered: 08-08-2003
Mon, 01-09-2006 - 1:58pm

This is what I do too! I write 6 checks per month for bills and put gas on the debit card. Everything else comes from my cash that I get each payday and put into envelopes. When the cash is gone, I'm done until payday. I have the following envelopes:

Week 1 Groceries
Week 2 Groceries
Week 1 misc & entertainment
Week 2 misc & entertainment

And I have a Christmas cash jar that I use to save up for Christmas by putting $10 into each paycheck. If I absolutely need something, I dip into the Christmas cash and then pay it back the next paycheck. I also put all of my silver change into a jar and dip into that. There's about $90 in change in there right now. That's about a year and a half of saving change.

When you go to cash, you really have a sense of where you're spending. And I like having cash on hand in the house.



iVillage Member
Registered: 07-27-2005
Mon, 01-09-2006 - 3:15pm

That's so cool that you already have $22. You've motivated me to try this starting with our next paycheck. I'm going to do this with our spending and food money. We spend a whole lot on eating out and buying stuff at the grocery store that would be cheaper if I just made it at home. We want to go on a cruise for our anniversary next year so maybe getting our downpayment for our reservations will be motivation enough.

Thanks so much for sharing!!!!!
Cristin

Avatar for cherfer
iVillage Member
Registered: 11-11-2003
Mon, 01-09-2006 - 4:03pm
Yes, I was "Anti-cash" for so long that I started to forget the value of money. It hurts alot more to part with cash than it does with a quick swipe of the debit card. ;-)
I still pay all my bills online, just because it's faster and I hate sending checks!
Avatar for cherfer
iVillage Member
Registered: 11-11-2003
Mon, 01-09-2006 - 4:04pm
Cool! We should keep the board posted on how this is working! I can't wait to have enough money to go on a big clothes shopping trip, credit-card free!!!
iVillage Member
Registered: 07-08-2004
Tue, 01-10-2006 - 10:39am
Wow, I decided to do the same thing for the same reasons. I am the debit queen. It really helps a lot to spend cash, when the envelop is empty that's it until next pay day spending cash is very freeing. Although this weekend I spent (debit) $411 on stuff - so there goes my snowflake. At the end of week 2 I have $15 in my freedom envelop.