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Each pay day I take out a set amount of money for my groceries, gas, and free spending. My grocery money goes into one envelope, my gas money into another, and my free spending money into a third. Paying cash for everything has enabled me to save more money than ever before.

This system also enables me to live debt free since I am no longer making purchases on my credit card.
- Submitted by IWPEANUT 5/10/2010 in Saving Money | 3 Comments
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Member Comments

OURGODISAWESOME 5/11/2010 10:48:00 PM

    This is a great idea! I do this too. I don't even have a checking account. Just a savings where I deposit my checks by avoiding to pay check cashing fees. Everything I buy is via CC and at the end of the month, I deposit my checks to pay off the CC. I earn miles on the CC, don't pay any finance fees, and don't over spend because my checks aren't cashed until the day before I pay the CC off.
BROWNIEISLANDER 5/11/2010 9:12:00 PM

    I use the separation method as well.....placing the alloted.....
amounts for various bills aside....Also making sure i put aside some savings as well. emoticon
ANTSOP 5/10/2010 12:14:00 PM

    Nice! Something to really think about - I might just use this!!

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