With many people making resolutions now, it’s a good time to discuss one popular system that people are using to achieve their financial goals for the year. Cash budgeting is not new, but it more and more people are using this system to save and get their debts in check.
Using a cash budget or cash envelope system is cheap and easy to follow, All you have to do is put cash in envelopes or some sort of divider, label them with categories like gas, food, etc., and put cash in them. But there can be cons to a system like this, one of which is the constant bank runs you’ll have to make!
In this episode I do a brief review of cash budgeting and what I think. I could work, and any system that helps keep you organized is a good thing right? But maybe there are easier ways to do it. An app like You Need A Budget, will do the exact same thing, help you allocate money into different categories. The biggest difference is that you don’t have to actually take cash out. Is that a deal breaker or deal maker?
Listen in to this episode and maybe decide for yourself!
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