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Refund check and a question

November 11th, 2010 at 03:44 am

We recceived our state income tax refund check today. It will be used to put new brakes on my car. Glad I can pay cash for that.

In reviewing our budget I'm thinking about using cash for certain discretionary categories instead of using my debit card. I'm just trying to figure out the logistics of that and how to enter in my budget spreadsheet. For example, if a withdraw $25 for personal care items but only spend $15 of it, how would I record that in my budget? The $25 withdrawal or the actual $15 spent?

1 Responses to “Refund check and a question”

  1. just a thought Says:

    I would record the $25 out, but then keep the extra $10 in a "personal care" envelope or jar, so that next time you need something from that category, you go to the jar first before pulling out more cash. Or, you could do what we do, and take out a specific cash amount each week and divide it between envelopes/jars, and then spend from those. I like this method because I only have to record transactions once a week. Since we started doing this, we have also spent a lot less money. We always have cash left over at the end of the week which carries into the next week!

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