Well the month is almost over and I wanted to report on how my modified money envelope system has gone.
Remember, I decided to do a modified money envelope with only 2 categories: groceries and eating out. Instead of a traditional envelope I used the two compartments in my wallet and designated one for each of these purposes.
How did it go?
Well, as with anything new, I think there were a bit of some growing pains.
There’s really only one. Because the money was stored in my regular wallet (instead of a big, bulky envelope), at the beginning of the month I would sometimes forget it was there! Twice I went to the grocery store and paid with a debit card out of habit, then got out to the parking lot and face-palmed over not using my cash!! This was frustrating and annoying to try to reconcile with the cash I had on hand (by subtracting odd dollar amounts when I didn’t have correct change, etc.). Just a bit of a learning curve as I tried to re-learn to use CASH ONLY instead of debit.
I really, really paid attention to that money dwindling! These are categories that I usually go over on and this month I basically told myself that this cash was all I have in the world (even though we obviously have more money in the bank). So when the money started running low I had to get creative with making meals at home and using ingredients we had on hand. Instead of just putting it on debit and worrying about how I’d gone over budget later, I was forced to really work with ONLY the cash that I had allotted to these categories, no more.
Overall, I think the system worked great! After learning to spend my cash instead of automatically defaulting to debit, I didn’t have any problems. I’m definitely going to keep it up next month.
One potentially negative in terms of my grocery budget……I don’t know how but last month and this month I’ve run out of money well before the month was over. In both cases I’ve been forced to eat out of our freezer and pantry. That’s all well and good and helped me from going over our grocery budget. BUT, our freezer and pantry are both looking pretty darn bare right now. Our freezer, in particular, has rarely been so low on food! I’m hoping that with Thanksgiving next month I’ll be able to stock up on a lot of sale-priced meat (turkey is at a once-a-year low in November); and on the bright side of things, I have the room in my freezer to spare fore stocking up on some meat and other freezable food. However, I’m going to have to get crafty on how to stock up since I still don’t want to increase my grocery budget. That will be a challenge for next month. Fun times!