Successfully Manage Your Finances with the Envelope Budget System
If you are challenged by your current budgeting strategy that you find it hard to keep track of your finances, perhaps it’s about time you change it. Consider using the Envelope Budget System to successfully manage your finances.
What’s great about the envelope budget system is that it allows you to allocate a specific amount for every expense. For example, you allocate only $50 for shopping each month. Now you want to buy a new pair of shoes worth $80 but the money left in your shopping envelope is only $40. This means you are $40 less. What you will have to do is wait for the next month so that you shopping allocation can reach $80. This will make you more disciplined in handling your finances compared to just blatantly withdrawing money from the bank.
Here how to start with the envelope budget system:
- List down all the expenses you will have for the whole year. Include periodic expenses like car and home repairs, travel and clothing allowance, etc. while not forgetting to set aside a budget for food, utilities and other necessary expenses.
- Shop for envelopes. Label each envelope or binder page with every expense item you have allocated a budget for.
- Place the amount you budgeted inside the envelope.
- When it’s time for grocery, bring only the grocery envelope with you. Don’t bring extra cash or your credit card as it could tempt you to overspend rather than stick to your envelope budget. Do the same when you shop, pay for utilities, go for a travel and so on.
If unfortunately, you were not able to stick to your envelope budget and need immediate money for an emergency expense, consider using your car’s equity to borrow cash through car title loans. Learn more about it below.
Borrow Money Through Cochrane Car Title Loans
Car Title Loans Canada specializes in Cochrane Car Title Loans. Cochrane car title loans are safe, reliable and affordable financial solutions available to people who can use their car as collateral for a loan. What the lender would take is only your car title so you can still drive your car while paying your loan. Upon full payment, you get back your car title. If interested, contact us today at 1-855-653-5451 for us to process your application.