Switching Over to Monthly Cash Withdrawal
We have been doing the weekly cash withdrawal for categories that are budgeted to be used as cash since our paychecks are on a weekly basis. However, to reduce the amount of hassle, stress, and energy involved in multiple trips to the bank, we have decided to switch over to a Monthly Cash Withdrawal.
We think that this might work well since we have enough cash now in the bank to fully fund a whole month's worth of cash envelopes as well as sinking funds (especially since we have removed a lot of the categories and stripped down almost to a bare bones budget).
The total amount that will need to be withdrawn for Cash Envelopes for the month is $880 while the amount that will need to be withdrawn for Sinking Funds for the month is $248.
The amount for each month's budgeted categories have been halved except for the groceries and gas for the car. The Vacation and New Car sinking funds have been removed for the time being.
Here is what the withdrawal slips for the bank teller are looking like right now:
The figures feel like it's a lot and we're a bit worried about having that much money out at a time but we are going to try it this way for a while and see if it works for us. Those long lines at the bank every friday with banks closing earlier nowadays have been a deterrent to timely withdrawals for our cash envelopes.
There is also that self control issue that we battle with every day....having the money all at once will definitely test our self control.
Nonetheless, we are excited for the month of August, 2020! New month, a new budget....what can go wrong....right??...... :)))