5 Years ago I sat down at my kitchen desk, turned on my computer's (horrible quality front-facing) camera, and recorded (on impulse) my simple budgeting method; how I track my weekly budget using an envelope. Little did I know that this simple method and terrible video would be one of my most viral principles ever!
It's long overdue, but I finally sat down and made an updated version of the video, with new tips and – you're welcome Video Land – a much better quality camera.
Then, after you watch the video, come back for a few additional tips and clarifications.
Watch the video online or click and watch below:
See?? Not so scary!
Here are a few additional tips to make this method work even better for you:
Open 7 bank accounts.
Divide up spending responsibilities
No reason to step on each others' toes! Divide and conquer! Sit down and write out everything you spend money on, then divide up. If you do the cooking, you should buy the groceries. If you drive the kids around usually, you should be in charge of paying school fees. If you are the one that knows about cars, you should be the one to handle oil changes and car repairs. This will keep you efficient, organized, and give you autonomy to do things your own way! See more about that HERE.
What your “Grocery” budget includes:
- Anything you could find at a neighborhood grocery store.
- Examples of “grocery budget” items:
“Other” budget includes:
- Money set aside for normal, regular, non-grocery expenses.
These are “want to have” items most of the time, and not “need to have” items. Once again, this does NOT include any form of bill or utility, see the next category for that. See below for more explanation.
- Examples of “other budget” items:
So where do bills, utilities, and gasoline come from? In our house, money for that comes from our family budget.
Family budget includes:
- Expected, set monthly expenses involving the family, house, and travel, as well as unexpected expenses involving the family.
- Examples of “family budget” items:
Oh! And of course, FREE PRINTABLES!
If you don't want to hand-write each of your envelopes, then click HERE to download our free printables.
Good luck with your new budgeting system!
Need a little more help?