Monday, June 8, 2009

Banking for me versus a cash system

I'm not good at this banking thing, I'm especially not so great at the balancing thing.

I tried to make things simple 3 accounts

Savings/Overdraft protection
Checking for bills
Checking for spending/necessities (grocery shopping, gas, some variable bills)

I didn't do so hot, but I got back on the horse and tried again, only I did it again.

With that said. I'm keeping 2 accounts the savings/overdraft protection account and one checking account. I'm getting rid of the debit cards (although for the bill paying account I will keep the number to pay over the phone if I need to, just not the card). The other account I'm getting rid of and I'm going to a cash/envelope system.

I'm also going to start tracking my spending here on the blog.

I'm not sure where I am going wrong. I tracked my spending before and I was surprised with how much money I was spending in places like the gas station buying 'extras' and the likes.

I know one thing is I don't have a set grocery budget, I'm not quite sure how to create one... I just buy some weeks only what we really need to get by and some weeks when sales are great and I actually have the cash I stock up on expensive items. I know this is one of my big budget busters so maybe if I just buckle down with a cash only system I can get this done and get on a good track.

I'm really trying not to get frustrated or down about this, in the past by now I'd have totally given up. I'm going to keep getting back on this PF horse and keep riding hoping I fall less and less as time goes by.

I'm also toying with getting rid of everything but the savings and getting money orders each week when I get paid for bills then putting those together to mail off payment.


  1. It just takes time and trial and error to get a system that works for you. Interestingly, I have an aunt and uncle (married 67 years!!!) who have used the envelope system all that time and still do. My aunt is 90 and swears by it. I tried it many times and it just didn't work for me. So I firmly believe that what is meant for you will find its way to you. Keep up the good work.

  2. I have a hard time with my grocery budget too, that's why I am trying the envelope system this month. One thing I am trying to keep in mind - stuff goes on sale all the time. If I don't have it in my budget this month, then I don't. It will go on sale again. Good luck - and keep at it. You will find something that works for you!

  3. Immer, its great to hear such a success for someone who has been doing it for so long.

    Dawn, Maybe we can both report how we did with the envelope system. I'm starting it this Friday.

    Thank you for the encouragement ladies :)