Whether it’s a family holiday, a new car or even just a night out we all have something we’re saving up for.
But, all too often we end up transferring money back across to our current account just before payday and squandering our pennies.
Now one clever mum has shared a product which could help you guarantee you stick to your initial budget, reports the Metro.
The woman shared on Facebook about her nifty little buy – and fellow mums loved it.
Her system uses a wallet with different areas labelled with what the money is allocated towards.
The idea is that you first work out your budget, then take the money out in cash and pop it into the correct pouch.
And, when the money’s gone… it’s gone.
So be careful with what you spend it on!
The mum explained that she found her pre-made wallet on Etsy, but added that you could easily make it yourself using a folder and different pouch sections.
Then you can stick on your own labels.
The mum wrote: “I saw this on Etsy and I love the idea of it, has anyone here used this system of having different envelopes and putting cash away?
“Would love to hear your opinions on if you think it would be beneficial. I have separate accounts but I hate seeing available funds in there because to be honest it’s just so tempting and easy to ‘pay it back later’.”
Examples of what the wallet’s pouches could be for are food, entertainment, children’s activities, holidays and eating out.
Fellow savvy savers said that the idea was very clever and good if you like to work with cash.
One woman said: “I do this.
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“Hubby gets paid monthly so every month pull out of the bank our spending money (food, fuel, spendings, birthdays), and budget them out for the month.
“It helps me so much to budget our money.”
“I have different colours for different things but that folder is cool,” added another.
A third said they liked the idea, but never used cash anymore.
But, online banks like Monzo can help with that as you can set limits on how much you spend on different things and can even allocate money to “pots” for saving.
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