This is the one I really need to work on.
Budgeting: None of the changes I've mentioned in previous status reports will matter much if I don't make an effort to reign in my spending. My first attempt was using the envelope method, which lasted about two weeks. For those unfamiliar with the envelope method, I'll do a quick summary. You divide what you have allocated for each budgeted category into an envelope, and pay for those items out of their assigned envelope. When the envelope is empty, you stop spending in that category.
My problem with the envelope method was twofold. I had to make an effort to go to the bank to get money in the desired denominations, which I kept putting off, and just because an envelope says it's for gas money doesn't stop me from dipping into it to buy myself a soda. Don't get me wrong; I think this is an excellent way to budget; it just didn't work for me.
The second thing I tried I'm still in process of trying: Establishing days when I don't allow myself to spend anything. Some days, you've got to spend such as when you need groceries. My plan, though, is to make myself stick to my budget by not letting myself pull out my wallet. I had a daylong trial run, and I'm in the process of trying it for a week.
Getting ready for this week, I did my best to make sure I wouldn't need to run to the store for anything, because I've found I'm too much of an impulse shopper. I hardly ever go to the store for one thing and walk out with just that one thing. By not having to go to the store for fill-in trips, I should be less likely to spend out off budget. Plus, I've done the math. Even if I bought only one 20-ounce soda each day at a convenience store, at an estimate of $1.59 a bottle, that's $580.35 a year, not including the sales tax. And being perfectly honest, I'd bet that the number of sodas I buy easily surpasses one a day.
This isn't to say I can never buy a soda, but hopefully, by not letting myself spend anything on most days, I can get myself to stay on budget. Status: Still working on it, and I hope I've found a method that keeps me in line.
Budgeting: None of the changes I've mentioned in previous status reports will matter much if I don't make an effort to reign in my spending. My first attempt was using the envelope method, which lasted about two weeks. For those unfamiliar with the envelope method, I'll do a quick summary. You divide what you have allocated for each budgeted category into an envelope, and pay for those items out of their assigned envelope. When the envelope is empty, you stop spending in that category.
My problem with the envelope method was twofold. I had to make an effort to go to the bank to get money in the desired denominations, which I kept putting off, and just because an envelope says it's for gas money doesn't stop me from dipping into it to buy myself a soda. Don't get me wrong; I think this is an excellent way to budget; it just didn't work for me.
The second thing I tried I'm still in process of trying: Establishing days when I don't allow myself to spend anything. Some days, you've got to spend such as when you need groceries. My plan, though, is to make myself stick to my budget by not letting myself pull out my wallet. I had a daylong trial run, and I'm in the process of trying it for a week.
Getting ready for this week, I did my best to make sure I wouldn't need to run to the store for anything, because I've found I'm too much of an impulse shopper. I hardly ever go to the store for one thing and walk out with just that one thing. By not having to go to the store for fill-in trips, I should be less likely to spend out off budget. Plus, I've done the math. Even if I bought only one 20-ounce soda each day at a convenience store, at an estimate of $1.59 a bottle, that's $580.35 a year, not including the sales tax. And being perfectly honest, I'd bet that the number of sodas I buy easily surpasses one a day.
This isn't to say I can never buy a soda, but hopefully, by not letting myself spend anything on most days, I can get myself to stay on budget. Status: Still working on it, and I hope I've found a method that keeps me in line.
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