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Who lives on cash?

August 19th, 2010 at 04:02 pm


I'm just wondering here who does the cash envelope system?

I'm lacking the discipline to adhere to the budget categories while using the debit card. I find that I "borrow" from other places, which sort of defeats the purpose.

I saw a segment on Suze where a blogger did this for three months and saved an average of something like $700 monthly, though she returned to her old ways of debit and credit after that period.

It just got me thinking, and wondering if anyone here has employed this method.

Anyone here tried it?

8 Responses to “Who lives on cash?”

  1. creditcardfree Says:
    1282230722

    I have never tried it, but I'd love to follow your journey if you take the plunge!

  2. LuxLiving Says:
    1282230928

    I borrow from the cash envelopes and do better w/the debit card and frequent budget perusals. Ima Saver here does the envelope system quite well.

    IMHO, you got to go with the way that works best for you. Try it, it may work very well for you.

  3. Broken Arrow Says:
    1282233016

    I don't live on cash, but I still use the envelope system. Smile

  4. Homebody Says:
    1282235686

    I have an envelope system from Dave Ramsey, but I have not actually set it up yet. I am going to try it since I have chosen to stop working and get my body fixed.

  5. NJDebbie Says:
    1282238111

    Laura, my envelope system is good to go come September 1st. Do you want to try it with me? I've already warned my husband about his entertainment budget (when it's gone, it's gone).

  6. Ima saver Says:
    1282240440

    Well, I started the budget envelope system over 45 years ago. I cash the paycheck, bring the cash home and put it in the envelopes. When i pay the bills twice a month, I deposit the cash back into my checking account. I keep the money in cash and in envelopes for things like groceries, gasoline, allowances, etc. I started this because I did not have a checking account when I first got married. It has always worked so well for me. I almost NEVER borrow from another envelope. If I have to borrow, I put a note on the envelope and it is paid back first when I sit down to do my budget once a week. I keep a budget on paper and allot money to certain catagories like christmas, medical, property taxes, car insurance, etc. That way I have my once or twice a year big bills (like house insurance or property tax) already taken care of.

    It has worked for me for all these years! I think you will like it once it becomes second hand for you.

  7. Ima saver Says:
    1282240559

    BTW, I do not even have a debit card and have never used one.

  8. whitestripe Says:
    1282433475

    we put everything on credit and pay at the end of the month. the pros outweigh the cons for us. (interest offset mortgage account, rewards points, tracking & security).

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