The envelope budget is a budgeting method that involves setting aside cash in envelopes or a separate account for each budget category (e.g. groceries, entertainment, etc.) and spending only the cash in each envelope or account. This can help you stay on track with your spending and avoid overspending.
This budgeting method is a good choice for people who have a hard time controlling their spending or tend to overspend with a credit or debit card. It can be effective in helping you stick to your budget and avoid overspending, as it requires you to physically see and manage your spending. However, it may be inconvenient for some people to carry cash and keep track of multiple envelopes or accounts, and it may not be suitable for people who prefer to pay with a credit or debit card.
To use the envelope budget, start by determining your budget categories and how much you want to allocate towards each category. Then, set aside cash in envelopes or separate accounts for each budget category. Spend only the cash in each envelope or account, and track your spending to make sure you are staying on track with your budget.
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