If you have been struggling to stick to a budget, try the cash envelope method. Prepare envelopes for different expense categories such as dining, clothing, groceries, entertainment, and personal spending.
Whenever you plan on going out, estimate how much you will need and take it from the corresponding envelopes. This method requires you to plan your spending in advance.
Allocating cash for specific stuff will prevent you from making unnecessary purchases. And, using cash gives you visibility that causes you to be more restrained in your spending. As a result, you are less likely to spend wastefully.
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March 23, 2023
