The Daniel Fast for Financial Breakthrough by Susan Gregory

Author:Susan Gregory
Language: eng
Format: epub
Tags: RELIGION / Christian Living / Spiritual Growth, HEALTH & FITNESS / Diet & Nutrition / Diets
Publisher: Tyndale House Publishers, Inc.
Published: 2020-12-15T00:00:00+00:00

Envelopes

I’ve never budgeted with envelopes, but a lot of folks swear by this method, saying it helps them use cash to stay within limits for discretionary spending.

First, make a set of envelopes. Each one will be designated for a specific category, such as groceries, fun, gas, eating out, gifts, personal care, clothing, children’s activities, and so forth. Look at a month or two of past spending to figure out what categories you should include.

Plan the amount you will spend in each of the categories. For example, let’s say you have budgeted $500 a month for groceries. At the beginning of the month, withdraw $250 from your bank account and place the cash in the envelope marked Groceries. Then commit to paying cash for all your groceries and spending only that much for the first half of the month! If you’re at the store and you realize your bill is going to be more than your allotted amount, put items back on the shelf rather than taking money from another category. This isn’t your time to rob Peter to pay Paul. Using this method will help you control your spending and stay within your limits.

Repeat the process at the mid-month point, replenishing your envelopes. As you get used to this method, you may make some adjustments and decide to allocate different amounts to different categories. That’s part of managing your money and living within your limits.

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