Budgeting

Tuesday, February 4, 2014
One of my New Year's Resolutions this year is to be a lot more financially savvy. This means a lot more saving and a lot less spending. Honestly, I don't think I'm that spendthrift to begin with, but I could do a much better job at sticking to a budget.

Dave Ramsey suggests the envelope system to better manage money and limit spending. He advises putting a set amount of money in an envelope for the month for various spending habits like food, clothes, gas, entertainment, etc. and when the money is gone for the month, it's gone. I like the idea of "once it's gone, it's gone," but honestly it sounds like a lot of envelopes to keep track of.

So for me, I'm thinking of keeping a simple "spending money" envelope for the month. This includes clothes, toiletries, eyebrow maintenance and whatever I usually spend money on during the month. I've decided to limit myself to $50/month. What do you think? Is that too little? Too much? Already for this month, I feel myself starting to backpedal and trying to add a few dollars to that amount. I need to buy a few things for our Mothers Rosary group and would like to send a small gift to my sister's baby shower and getting my eyebrows waxed costs $20 including a tip. Ack! Am I crazy? Do you think I can do it?

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