How to Budget Using Envelope System?

By SiliconIndia   |   Thursday, October 27, 2011
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Bangalore: The cost of living getting expensive day by day, you try different ways to curb your spending habit. By the time you track where you have spent your income, you will find you left with no sufficient funds. Money just drains down your wallet. One of the easiest ways to track your spending is to switch to an envelope system. Whatever your choice may be, whether you want to restrict yourself to using cash or simply wish to reign in your spending, this budgeting tool will help you manage your finance. There are a few people who shun the idea of using envelope system, because they believe that using envelopes would be any different than using our debit card.

With this system you know exactly how much money you had spent on different things and how much money is left to tide through the month or put into savings. Here are a few steps you need to follow.

Create A Budget

Before you begin, you need to bear in mind that when creating any budget, it will not appear perfect on the first draft. Have a clear idea of how much money is coming in, and what is spending nature. How much of your income is spent on house, paying bills, clearing debt, and family. These are usually expenses that have a set amount each month. The budget you make should be a reflection of your current financial situation.

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