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I have a financial crush on Dave Ramsey! I'm so in love with him that I recently took the plunge and started up my own version of the "envelope method" of budgeting.
I leave enough money in my checking account to cover any bills that are automatic withdrawal or need to be paid by check. The rest I get out in cash (including my tithe!) and divvy it up. Here's the breakdown:
- Fuel
- Food
- Miscellaneous
That's as far as I've broken it down to start with. I've already decided I want to add an envelope for "entertainment" and another for "Starbucks." (Yes. I spend enough at Starbucks it needs it's own envelope. I'm hoping it'll slow my SB roll a little.) The great part about the EMoB is that it can be tailored to fit your spending. Jason is another Ramsey lover and his EMoB reflects it!
This is my first full paycheck of the EMoB, and I'm loving it! I have really slowed down my spending because it HURTS to fork over a $10 at Chipotle and only get $2 something back in change.
I have a feeling my romance with Dave will do nothing but grow and flourish in the coming months! We've got a bright future....and so does my Savings Account balance!
2 comments:
I've tried the envelope method before, however, mine didn't come from Dave Ramsey. It came from a Mrs. Lori Le (she knows her stuff!). It's a good concept. I haven't been able to stick with it, but I think I might consider giving it another go.
Lucky! When I hand over a $10 at Chipotle, it's a buck and some junk from the change machine I get back! Ouch!
Soon you'll have 7 envelopes like me. Okay, maybe not. I'm just a nerd like that!
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