Why the cash envelope method?
Out of all of the different budgeting methods, why should I choose the cash envelope method? Going to the bank to withdraw and deposit is too much work. Nobody uses cash these days. Your money is going to lose value.
These are some of the most frequent comments that I see on videos related to this method. There's so many reasons that I can give you as to why this method is beneficial- I'll even post some here on the images.
Let me tell you why (I) choose the cash envelope method... Living with bipolar disorder I have moments of what I can describe to be the most amazing feeling. A feeling that rushes through my veins and makes me feel like I can carry the world on my shoulders and perhaps, climb a mountain. Coming from someone who works all day sitting in a chair and hasn't done any physical activity other than walk to the fridge and microwave for the past 2 years, that is something that couldn't be further from the truth. What does that have to do with budgeting? E V E R Y T H I N G. In these "highs" those with bipolar tend to participate in reckless behaviors such as, spending their rent money on a shopping spree. The thrill is a craving like some drugs can be to others, or perhaps alcohol.
I've found that having another thrill to replace the craving to shop til I drop with money that I don't have, has changed my whole life around. This method has rewired my brain to set the goal of building my envelopes above my desire to spend. Many with ADHD have also stated the same.
Now this doesn't come to say that it is only for those with these mental disorders. It can be beneficial to those who have $5 leftover on payday or those that have $5,000. It can be beneficial for those that get paid weekly and those that get paid yearly.