Category: Budgeting

The envelope method is an easy way to budget and keep track of your spending. Its chief advantage is that it’s crystal clear whether or not you’ve got money available to spend. After all, all you’ve got to do is take a look in your envelopes. It also forces you to think about your planned spending for the month ahead of time — which is pretty much the definition of a budget.
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If you’re thinking of buying a new car or doing some home improvements (or any number of other things), the normal thing to do is sit down and look at your budget to see whether or not you can afford it.

And while budgeting is awesome — and a critical part of getting into good financial shape — your budget is not the place to look to see whether or not you can afford to buy something.
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