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Cash based budgeting

Discussion in 'General Baptist Discussions' started by evangelist6589, Aug 15, 2014.

  1. evangelist6589

    evangelist6589 Well-Known Member
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    My spouse and I are trying a cash based budget to reduce spending and pay back debts. This means we use only cash for groceries, gas, and in person purchases to the CC/Debt card is not around to spend more. As a consequence we do not appear to be spending as often. For online purchases such as books,tracts, movies, and such I will use a CC, but only one CC. Has anyone tried it and has it helped save money?
     
  2. RLBosley

    RLBosley Active Member

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    That's how the wifey and I do it. The only thing we consistently use the debit card for is gas since we go to Sam's and can't pay in cash. It has helped us reduce wasteful and impulsive spending.
     
  3. Crabtownboy

    Crabtownboy Well-Known Member
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    When we were first married we had to budget very carefully. We were poor. I mean we were poor. So we used the envelope method, an envelope for each weeks groceries, an envelope for each weeks laundry, etc. You cannot deficit spend an envelope. When it is empty ... it is empty.

    We still use cash quite a bit of the time.
     
  4. 12strings

    12strings Active Member

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    We use a cash budget for our groceries, eating out, and entertainment.

    We use Automatic payments for most of our regular bills, and we use the Credit card for Gas, because the rewards make it well worth it.

    Beyond that, we know that any time we use the credit card, we are going outside of our budget and need to be careful.

    At our best, we just use the cash we have withdrawn each week.

    At our medium best, One of us will come home and say, "I had to use the credit card for lunch today." :( ....but then we'll withdraw less cash the next week to compensate

    At worst, we simply write off the loss so we can still have enough cash for groceries next time.
     
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