Why we LOVE cash budgeting (& you should too)
I’m sure you’ve heard the term cash budgeting before – probably many, many times. However, I want to tell you why YOU should love it and use it every single day – it’s not a secret. Utilizing cash budgeting is the best way to stick to your budget that you designed yesterday using our 3 simple tips – (Click HERE if you want to catch up)!
I’m horrible about spending money spontaneously. I mean that in all honesty: I am absolutely terrible at saving money. You see, I see something that I think we need and then I have this unbelievable desire to go out right now and buy it RIGHT NOW. It’s a terrible habit, but one that is rather difficult to break. The worst part about spending habits? They can ruin your life if you let them.
So, thankfully my wife is understanding about my spending. Unfortunately, it’s because she does the exact same thing. And for the first year that we were living together, we didn’t put together a budget at all. Sure, we were conscious about the things that we needed in our lives (bills, food, etc.), but we didn’t create a budget that would actually help us to reach our goals. And you know what? It sucks! We wasted so much money on fast food and clothes and who knows what else when we could have put it all toward paying off debt.
Well, we learned quickly that a budget was a necessary item in our lives. We put one together and attempted to follow it. The problem is all those silly, little $1 purchases that seem like no big deal. $3 here, $5 here – they all add up though! We broke the budget almost every week because we weren’t tracking closely enough (and it’s just too easy to swipe that damn debit card)!
Now, I know that we had money in the bank to support these habits, but the problem is that the money we used for these could have gone to debt.
That’s when we decided to implement Dave Ramsey’s plan of cash budgeting and you know what? Cash budgeting changed our lives.
If you are new to our NSC Series, start here!
-If not, you can skip this section-
As some of you may know, we are in the midst of our first ever No Spend Challenge (NSC) which started January 1.
The short story is that my wife and I racked up a ton of debt (read how HERE) and want to pay it off as quickly as possible so that we can live our dream lives (read about our goals HERE). This challenge will help us learn about living frugal, saving money, and paying off our debt faster.
Visit our post, Frugal Living at its Finest: the No Spend Challenge, to view why we are doing the challenge, what the challenge entails, and the rules.
The hardest thing about budgeting and frugal living is doing it alone and that’s why we want to invite you all to join us on our NSC. Sign up below to opt-in to our email community, filled with exclusive tips and tricks for saving money to survive living frugal during your NSC month.
Follow our rules or make your own! Join for one week or the entire month! We know that not everyone is in the same situation we are in. Stick with the No Spend Challenge for as much or as little as you are able in your situation and don’t be afraid to hop on after the starting date (it’s never too late to join in on the fun!).
We’ll be taking the challenge right alongside you – with daily blog posts, encouragements, and exclusive email information and communication: this will be the single, greatest choice you make to jump start the New Year.