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Under: Budgeting & Saving
Budget Tips
  • crystal_lv
    What has been most effective in helping you stick to a budget?
  • Diamondmarie
    In addition to making my budget and linking my accounts on LearnVest, I love using the envelope system for a month or two when I feel myself getting off track. I withdrawal all the cash I will need for a month and put how much I can spend for various expenses in separate envelopes (groceries, eating out, entertainment, health, etc.). When the money is gone in that envelope, its gone! I don't do this all the time because I like tracking my spending online, but this is a great way to practice sticking to your budget.
  • KoukieDoh
    I do the same thing with different online accounts. I have a seperate checking account (all at the same bank) that I use for "extra" expendatures like entertainment, clothes, etc. Each month I transfer the amount I have alloted myself for fun into that account. I am even thinking of breaking up my check and having it automatically deposit my budget into the extra account and the rest into my main account so I don't even have to remember. Then, like Diamondmarie said, once the money is gone, its gone! When I am out shopping, I only see what is in my extra account, so I CAN'T spend more than my budget on extra fun things. Plus, I love this because if I spend less one month, I have more for the next month, and I don't have to sit down and calculate it out. I do a lot of varied things that would fall under "extra fun." This way, if one month I chose to go clothes shopping, I can't buy many home decorations. Next month, if I am feeling extra crafty, I can buy art supplies, but I won't buy many or any clothes.
  • alvarezr21
    The great system that I have found is to calculate all your monthly bills and neccesities. Keep your savings in the bank and cash out the rest. Put it inside an envelope and as you go spending the money you'll be more cautious about your spending. Cards take out the feeling of spending that have to hand out the cash gives off. Keep all the reciepts of the month in that envelope and on the outside you write the date and place/neccesity and amount of money you spent. By the end of the year you will have 12 envelopes. There are different varietions of this but the main idea is there. Its also a great method come around time to file your taxes. You know exactly everything that has gone with your money throughout the year.

    Happy Savings.

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