Stuffing Envelopes Not The Way You Think

The So-Called Envelope Stuffing

Look through the newspapers or employment websites and you are sure to find a number of offers asking you to stuff envelopes and make money. Victims have succumbed to these ads several times. Some may have made a little money, but most have lost money on this deal. It is possible to apply this theory to saving money? Earning more money is great, but you can also save part of what you earn already. The following tips may turn into a habit over time.

I Do Not Have Enough Money

Many people are in debt due to a lack of savings, and if you ask them why they do not have any savings, the most likely answer you will get is "I do not make enough money to save". Though people earning less than $ 20,000 per year find this to be true, those who are earning more are also buried in debt. How could this happen? They cannot manage their own finances so they can save money. You can have fun by stuffing envelopes and saving money at the same time. If you want to create the habit of saving money, try doing this regularly.

Just a Habit

Before you get started, you will need some envelopes and a pen or pencil. When you get your paycheck for the month, do not just deposit the check in your account. Take out the money from your check rather than depositing it. When you get home make a monthly budget, you will be further ahead than you ever were before. Prepare an envelope for all expenses on your budget, and stuff the money into it. For example, your grocery budget will go into an envelope. The rent then goes into another, and so on. Every expense from your budget should be listed on each envelope you put money into. Payments can be divided into two if you receive bi-weekly wages, when you stuff the envelopes. You are set to start saving your money.

Using Money Wisely

Once you have stuffed the envelopes based on estimates of expenses, be prepared for your actual expenses differing slightly from your estimates. Please make a note of the actual expense on the envelope, when you open one for any expense. Every time this happens, you will get a great idea of how much is left as the amount of money will diminish. Once you start putting money from one envelope to another, your entire purpose will be defeated. Do not borrow from any other envelope to help you spend more money from another one that has no more money for the month. You can expect your envelopes for rent and utilities to be empty from the start, as these are not estimates by any means. Any money that you have left over from your envelopes can be deposited into your account. Money saved cannot be withdrawn and you may only withdraw your paycheck. Saving money for the long term will become a habit, even with little money. This will also help you see where your money is going in a ! concrete way, than if you were to consistently use your credit or debit card. Get set to accumulate some savings in your account if you continue with this habit over a period of time.