I'd like to try this personally. Maybe I will start with giving myself an allowance each pay period for "extra spending/play" money. This will certainly help me cut back on the extra spending I do on little things like, um......Starbucks.
Now that we are planning for a wedding, we, well, Matt, has created a budget for us. I think this envelope system plus coupons will help us more. I've already started taking advantage of coupons lately. I am not one of the organized category coupon binder people though.
Anyone out there already doing the envelope system? Advice? Tips?
Here are a few additional articles about it:
Today's Nest
There are books, youtube tutorials and everything on this topic! Crazy!
I wonder why this "craze" has started? I think maybe it's because this generation (and maybe it's not even a generation thing) is in debt. Credit cards steal people's souls. Ok, that's a little intense, but they can certainly take over people's lives to the point where they are out of control in debt and can't bury their way out. Been there, done that. Never. Again.
To me, there is good debt and bad debt. Credit card debt, to me is bad. Student loan debt (depending on the amount and the degree in which you earn) is an investment and is good debt. I have seen students go into $100,000 debt for a Bachelors degree - that to me, is insane.
Then there's the insane wedding debt people take on to put on a spectacular "show" of their love and affection for everyone and their brother. It's a 1 day event, ladies and gentlemen. There's no need for $30,000 ice sculptures....for a June wedding.
I once met someone (a law student) who took on a $3,000/month car payment for brand new flashy car (BMW or something like that...I don't remember). He used his student loans to help pay for this car. AHHH!
Why do people feel the need for expensive, flashy material things?
Time to start operation envelope system. Today's the first of a new month and a pay day. I'll keep y'all posted on how it goes. Wish me luck!
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