1/26 | Stuffing Envelopes as a Way of Saving
The So-Called Envelope Stuffing
Photo: lincolnstationers.com
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. This advertisement looked appealing to a lot of people. Losing money by doing this is more of a reality than making money from it. Have you ever applied this same theory to saving up the cash you need? This may be a new concept to some people, as they tend to think they must have more money, rather than hold on to what they do have. You could turn the following tips 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. What could possibly be the explanation for this? If they cannot manage their finances, they cannot save money. If you want to stuff envelopes, try this method to save money. A regular habit of saving money can be achieved if you do this process on a regular basis.
Just a Habit
Before you get started, you will need some envelopes and a pen or pencil. After getting your monthly paycheck, do not just deposit in your account. After getting to the bank, cash out your check rather than depositing it. Make a budget for the month after getting back home. For every expense that is on your budget, prepare an envelope and stuff the money into it. If your budget calls for 500 dollars for groceries, put that into an envelope. Similarly, rent should go into another and so on. Take the time to put every expense on each envelope and put the money into each one. Dividing your payments into two and stuffing them into envelopes will help, if you receive bi-weekly wages. You are now well prepared 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. Note the actual expense on the envelope, when you open an envelope 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. You will defeat the entire purpose if you substitute money from one envelope to another. If one envelope runs out of money, stop spending on that particular expense instead of borrowing from another envelope. Rents and utilities are not estimates by any means, and will leave you with empty envelopes from the start. Deposit any money that you have left over from your envelopes into your account, but do not withdraw it when you get your next paycheck. Withdrawal of your paycheck is allowed but not the money that was saved. Get into the habit of saving money, even if you do not think you have enough money momentarily. You will get help in knowing where your money is going in a concrete way, than if you were consistently using your debit or credit card. Keep this habit with you over a period of time and you will well on your way accumulating some savings in your account.