$300 cash a week. Can it be done?

[Kellydelly]

I don't understand why you are asking us if you can live on $300 a week cash when from your numbers you are spending only around $200 a week on variable expenses anyway .

 

[Jess575]

I wish $300 a week was a realistic goal for us. If you can do it, go for it! We spend that just on gas.

 

[Marionnette]

I don't understand why you are asking us if you can live on $300 a week cash when from your numbers you are spending only around $200 a week on variable expenses anyway .

Not the OP here, but I took her post to mean that from all of her spending on her Visa card, she could only attribute around $200 per week to gas and groceries. The rest of her spending, in an amount which she did not disclose, was accounted for as "misc. purchases". It's the "misc. purchases" that she wants to reign in.

 

[amy-momofthree]

I don't understand why you are asking us if you can live on $300 a week cash when from your numbers you are spending only around $200 a week on variable expenses anyway .

Yes, $200 on gas and groceries. However, the miscellaneous is where I get into trouble. I am overspending on miscellaneous. I have no problem with my gas and groceries (even though by using coupons, some weeks it's tough to do $150 a week for us, but it can be done). I'm just wondering if $100-$150 a week (it's what I'll have left after groceries and gas) is realistic for miscellaneous expenses. And I also wanted to hear from those who have done a cash system because we never
have. Perhaps, they could give me tips/advice and I have received great advice and things I never thought of!

 

[amy-momofthree]

Not the OP here, but I took her post to mean that from all of her spending on her Visa card, she could only attribute around $200 per week to gas and groceries. The rest of her spending, in an amount which she did not disclose, was accounted for as "misc. purchases". It's the "misc. purchases" that she wants to reign
in.

Exactly!! Thank you!

 

[amy-momofthree]

I wish $300 a week was a realistic goal for us. If you can do it, go for it! We spend that just on gas.

Yikes!!!!

 

[zigzagzerr]

Yes, $200 on gas and groceries. However, the miscellaneous is where I get into trouble. I am overspending on miscellaneous. I have no problem with my gas and groceries (even though by using coupons, some weeks it's tough to do $150 a week for us, but it can be done). I'm just wondering if $100-$150 a week (it's what I'll have left after groceries and gas) is realistic for miscellaneous expenses. And I also wanted to hear from those who have done a cash system because we never
have. Perhaps, they could give me tips/advice and I have received great advice and things I never thought of!

OP, I'm so glad you started this thread! I'm doing a cash-only January as well, and for the same reason as you. Once I started counting up all those debit receipts from December, I couldn't believe it!

So I made 3 envelopes for the month:
Groceries $100/wk or $400 for the month (food, paper products, cat stuff)
Entertainment $200 month (eating out, movies, wine, etc)]
Misc $200 month (tutoring cost for dd16, copays, etc)

So far, so good. We're about halfway through the month, and it hasn't been bad at all. It definitely makes you think before you spend. Very interesting experiment.

Hope it's working out well for you, too! Keep us posted!!

 

[amy-momofthree]

OP, I'm so glad you started this thread! I'm doing a cash-only January as well, and for the same reason as you. Once I started counting up all those debit receipts from December, I couldn't believe it!

So I made 3 envelopes for the month:
Groceries $100/wk or $400 for the
month (food, paper products, cat stuff)
Entertainment $200 month (eating out, movies, wine, etc)
Misc $200 month (tutoring cost for dd16, copays, etc)

So far, so good. We're about halfway through the month, and it hasn't been bad at all. It definitely makes you think before you spend.
Very interesting experiment.

Hope it's working out well for you,
too! Keep us posted!!

So, you took yours out for the month? I thought about that vs weekly. hmmmmmmm. Maybe
that would motivate me more because at the end of the month, it might seem like I have more of a savings versus the extra $10-50 I may get at the end of the week.
A month is a looooooong time though!!! .

 

[Nayan]

Track your spending by writing down everything, from gas to a pack of gum to dining out. You'll be amazed at how much a buck here, a couple bucks there really do add up! We manage fine with $175/week for a family of 3, including groceries and gas.

 

[AnninIowa]

I have been trying to do $100 a week for me and my dad plus two spoiled pug dogs (lol) and so far we are making it. That is for food, toiletries and paper/cleaning products. I use coupons and have a stockpile of items that I add to during sales. The hardest part for us is cutting back on eating out. When we do eat out, we try to stick to places we know we will have leftovers from as it makes the cost more justifiable if we can get another meal out of it.

 

[100AcreWood]

I think you need to do a better job of allocating that money. Just having a $300 weekly fund still doesn't help you understand where you are overspending. Why not put specific amounts allocated to each category. If you just have a big slush fund you still have no idea where the money is going.

I agree with this. It's amazing how fast it goes. Some weeks we do great and then the next week two kids need shoes.

 

[RunDanceSkate]

Our budget per week is $300
Family of 4, 2 adults, DS17, DD15

$120 groceries (price match at Walmart & coupons)
$90 fuel (also oil changes and wipers/wind shield washer fluid)
$30 clothing and gifts (tight, I buy 1 gift per month Bday/Xmas, rest is clothing)
$30 Entertainment (including eating out, we save up)
$15 Other
$15 kids allowance

 

[disneymom3]

This is a great thread, OP. Thanks for starting it. We are starting Financial Peace U in Feb.... After we get back from a cruise. Yes, I do see the irony in this.

Anyway, this thread would be a great way to keep accountable. Anyone else interested? Not trying to hijack, OP! We could start a new cash budget thread too. There is just good info here already.

 

[amy-momofthree]

This is a great thread, OP. Thanks for starting it. We are starting Financial Peace U in Feb.... After we get back from a cruise. Yes, I do see the irony in this.

Anyway, this thread would be a great way to keep accountable. Anyone else interested? Not trying to hijack, OP! We could start a
new cash budget thread too. There is just good info here already.

OP here! I'm in!! I need to be accountable! So far I paid myself
yesterday........

$300 cash and it looks like this....
$19 post office (mailed a package and got a book of stamps

$40 for dh weekly gas

$125 groceries, but I made a menu
and this includes everything I need to make lunches and dinner
for a week.

I have $115 left for 5 days but gas
and groceries are bought ......getting nervous!!!! May be a looong 5 days!!

Enjoy your cruise PP!!

 

[North of Mouse]

O.K. all this sounds great and doable at first look, but how about property, car taxes and insurance? We just paid a whopper property tax bill Or do you mean just your normal month (no extra expenses)? Would you allocate a fund for all those essential incidentals as well? Property upkeep, cars, appliances - some things we know we will need money for - others break and take us by surprise

 

[amy-momofthree]

O.K. all this sounds great and doable at first look, but how about property, car taxes and insurance? We just paid a whopper property tax bill Or do you mean just your normal month (no extra expenses)? Would you allocate a fund for all those essential incidentals as well? Property
upkeep, cars, appliances - some things we know we will need money for - others break and take us by surprise

Well, for me, I divided recurring expenses such as those that you mentioned (homeowners, taxes, insurance) into a monthly amount and it comes out of the "bill paying". The $300 cash
is for living expenses (groceries, gas) and other miscellaneous (shopping, eating out, etc).

 

[mrodgers]

We couldn't do it.

We don't eat out. We don't have an allowance for either us or the kids. We don't buy this or that nickeling and diming us through the week. A simple candy bar at work? Forget it.

We spend $250 on groceries (includes everything) a week for 4 of us and budget $150 for gas for the week (1 fill for my car, 2 fills for my wife's car.) That gas budget usually isn't all spent, but I just changed the direct deposit to put $400 in the local checking account only for gas and groceries and we've only done this for 2 paychecks thus far. Both weeks the remaining gas budget took care of much needed grocery stuff since most of the past few week's grocery budget went towards Thanksgiving, Christmas, a birthday party, and New Year's dinners.

 

[North of Mouse]

Well, for me, I divided recurring expenses such as those that you mentioned (homeowners, taxes, insurance) into a monthly amount and it comes out of the "bill paying". The $300 cash
is for living expenses (groceries, gas) and other miscellaneous (shopping, eating out, etc).

Gotcha That would definitely be doable for us. I have never spent $250 a week for groceries, etc. as PP does and we eat very well. I enjoy fixing nice meals so we don't eat out a whole lot. Also, I love to coupon and watch sales, so save bundles doing that.

 

[ajh88]

I say definitely doable!

When I graduated last May and finally got a "real" job, we knew we had to make a budget so our money didn't just disappear. We sort of combined the Dave Ramsey/Gail vaz Oxlade systems. We get paid every 2 weeks and I take out $700 on payday. We have jars for the cash and it breaks down about like this:

$230 - groceries
$160 - gas
$90 - entertainment
$30 - clothing
$30 - gifts
$30 - other
$130 - "allowances" - DD gets $20 ($10 a week) and DH and I split the rest as pocket money

Some pay periods we run out of cash - and we have to do without something we wanted (like eating out or going to a movie) and other periods (like the one we are in right now), we have a ton left over (seriously, there is still almost $300 in my jars right now!).

When I take money out of a jar for something, I keep it in an envelope to keep track of what it is for and we put all receipts into the jars. The only thing we haven't been good about is writing down where it all goes. I'm OK with having a general idea of it - I figure as long as we aren't spending more than what is in the jars, I'm won't overly concern myself with the breakdowns.

Good luck OP! We have been doing the jars in earnest for about 4 months and I love it!

 

[ksloane]

I have been trying to decide how we are going to approach our 2012 budget as we must tighten things down a lot as I'm going back to school this year and I don't want to have to cancel our vacation plans if not absolutely necessary...

I like this idea...I think I will use a similar plan...

• designate a certain amount per week
• w/draw that amount on Sunday afternoon and go do our weekly "necessity" shopping on Sunday afternoon as well so I know what is left that is "extra"
• Each Saturday, I will take the leftover out of the envelope, and it will go in savings on Monday morning.

I also really like the idea of an accountability thread....