A few more lessons learned with my C.E.S. (cash envelope system)
by, 06-15-2009 at 02:14 PM (3551 Views)
I had meant to post over the weekend, but I sometimes have difficulty getting logged onto the site??
A few more 'notes' that I wanted to get written down before I forgot them:
~With our C.E.S. (cash envelope system), I need to prioritize which envelopes get cash added at which time of the month.
Because obviously the envelopes need to be 'staggered' as to paydays, in order to get filled.
~I need to try to divide how much I have per envelope over the course of the month. Instead of using up all of the contents of a category all at once.
So for clothing, instead of spending the entire $100.00 the first week of the month.
I need to try to strive for only spending $25.00 per week, or save up and spend (if I need to) more at the *end* of the month.
~I definately need to combine a couple of my categories. So I don't have so many to keep up with all at once.
~Using cash has been an eye-opener for us as a family. Keeping within a budget helps us to keep our "eye on the prize" so to speak.
It helps to keep us focused on the end result, which is a major step we've been lacking in our finances.
~For now, having a daily 'check' on our account to keep an eye on it makes it necessary to make absolutely certain everything balances out.
(Which thankfully this month it is)
I'm sick to death of paying late fees on our monthly bills & am working my buns off to make sure that we don't.
~Paying cash has really helped to keep up with our monthly bills. Now we only have about 10 bills that we pay our of our checking account & everything else is getting paid for with cash.
This has really helped me to keep up with things so much better.
~In July I plan on giving Mike about $20.00 per week to keep in his wallet, in case I need him to stop on the way home from work to pick up a needed item from the store.
This will help to eliminate having to make extra trips to the bank to make a deposit.
~Last but not least~
~Learning to live "within our means" sucks, but is necessary to reach our goals!
We are now officially below the $3,000.00 mark on our 2nd debt.
I'm really happy with this progress, and can't wait until we reach below the $2,000.00 mark.
Hey, baby steps, right?
It seems to help keep me more motivated if I look at it in increments rather than the entire balance. I feel like we're making more progress this way and staying motivated is half the battle.
Remember, slow & steady!!