08:43 22 January 2014
The 1930s recession brought home the need for people to come up with ways to stretch their pennies. One of the ways that people learned how to budget their money and stretch their cash was to create different piles for different bills. Each one of the bills is placed into envelopes. These envelopes could easily be hidden in a variety of locations, something that was commonly done during the 1930s.
Unfortunately, the modern era of electronic banking has made using this type of budgeting system out of date. Most people do not handle everything in cash anymore. This does not mean that you cannot make use of a modified version. Many banks now offer the ability for you to open numerous savings accounts and designate them for specific purposes.
There are some significant benefits to using this type of system.
Smart Tip: When you are budgeting consider compartmentalising your money to help you keep on track.
However, be sure to keep track on all of these accounts and watch out for getting overdrawn!
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