Today is my birthday. I'm taking it as an opportunity to look forward and make serious progress in our lives towards simplicity and responsibility.
I've spent (wasted) time on-line looking at budgeting stuff. I'd like to have and adhere to a spending plan. I'd like to ideally do it in cash. With envelopes. Does anyone here do a cash envelope system? My biggest challenge is handling the variables. I'd like to ideally have separate funds for groceries/gas/miscellany/other.
I'm upping the weekly spending to $250/week, broken down as follows:
Consumables - $100
Gas - $62.50
Miscellany - $62.50
Other - $25.00
I've been very unsuccessful at trying to break down budget categories that are narrow and include things like clothing/gifts/entertainment/etc. Perhaps I will graduate to this eventually. I am longer a recreational shopper.
I've also looked into using the YNAB software program. I will be one month ahead starting 1/1/2019. We don't use credit cards. We are paying down medical debt. We don't have many outside savings accounts.
I've spent too much time watching tutorials on youtube and IG, especially TBM (The Budget Mom who has elaborate budgeting/booking keeping practices) and Six Figures Under (who I enjoy reading her blog, but the YNAB video intimdated me).
So what works for you and what doesn't? I'm reinventing myself and money practices so I am game for any and all suggestions.
Also, in January we will be putting 10% in the 401K, we will be taking a family vacation in January or March (currently have $4,000 earmarked for that), and have increased our HSA funding from $1,000 to $1,750. I will be bringing in $300/week part-time, we will also pay cash for our daughter's semester at community college and continue to cashflow home improvements.
Cash Envelopes - Who Does It? YNAB - Who Does It?
November 15th, 2018 at 08:38 am