I kept pretty good track of my spending this past month. Boy, what an eye opener! I was able to see exactly where my money went. I've got to pull in the reigns on my spending a bit tighter.
I discovered through tracking my expenses last month that I use my debit card way too often.This throws my budget off because I use the envelope method for certain categories such as food, dental, auto tuneups, year end accounting, gifts, etc. When I use my debit card instead of the assigned envelope money then I'm taking money that is designated to other bills.
So, I've come up with a plan. I took my debit card and all but one credit card out of my purse. (The credit card I kept is used for my gasoline purchases.) I'll carry a week's worth of my budgeted amount for groceries. When the money is gone then the spending must stop.
I'm hoping this will work. Time will tell.
How do you curb spending?
I take out cash for the week & that's that. I don't use debit or c.c's & that keeps me on the straight n' narrow! ;)ReplyDelete
Thanks for the encouragement. It's good to know that it's 'doable'. :-)Delete
I take out cash for the week too. I have just gone back to the envelope method as well after re-reading your post and so far this is working very well. Staying away from the shops is also a good way of not spending. I love your blog and the encouragement you give. Thankyou for sharing your heart.ReplyDelete
Nell... I'm working hard at staying out of the stores, too. :-)Delete
I use spreadsheets for our monthly budget and our check ledger. I balance the checkbook 3 or 4 times a week, using the online banking app.ReplyDelete
I've kept the budget on a spreadsheet for almost 15 years so I have a pretty good idea of what money we use where.
Using this system means that we track every penny, but this means that I can look back at previous months, previous years and see how we've done.
Judi... I understand what a spreadsheet is but I can't figure out how you use it for your monthly budget. I looked on your webpage for a picture but couldn't find one. Also, do you need one of those 'Smart Phones' to use the banking app? My phone is 'dumb'. :-)Delete
When money is really tight (like always!), I try to make a challenge for myself to see how little money I can spend for a set amount of time. For instance, I know that I've got only $60 to spend on groceries this week. If I buy only the bare essentials (milk, eggs, fresh fruit), I can use what I've already got here at home to feed my family. The challenge for myself is to have as much of that $60 left at the end of the week.ReplyDelete
These are interesting comments. People are so different in what works for them. I find that I spend too much if I have cash on me, so I rarely carry any. My daughter is the same way. I use the debit card for groceries, drug store and dollar store purchases, but I do get cash back when I grocery shop to buy gas. My cash purchases are frivolous, usually coffee drinks, ice cream treats, I find that if I have to use the debit for those things, I pass them by.ReplyDelete