Cash on Hand? Easy to Save or Easy to Spend
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
11 min
5 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
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Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money. DIY Money. Logan, how's the 5 a.m. club coming along?
5 a.m. club's still pretty good. I didn't do it the other morning. You got on me, which was deservedly so. But 5 a.m. is pretty good. I mean, I'm still waking up that time, still doing my thing, still doing some workouts and things. So it's been good. I like it.
I want to do another. We got some really good feedback and we're just having a lot of fun in the tribe. And I want to... We had a dialogue recently because I once again read a study. You can look these up. And I had a dialogue too with a buddy of mine recently about the actual physical cash. So fiat currency, actual dollars. And a lot of these studies say... that when you have cash, you are not as inclined to spend it because it's like leaving your person. And I'm directly the opposite. I'm the same way. So when I have cash... I have already accounted for it in my budget, which means I don't have to write it down again or anything, which means then if I'm out somewhere and I just want to use it, I just use it indiscriminately.
And so if I ever find myself having cash, which I don't have cash on me a lot, hardly at all, actually. I'll just burn through it. I mean, it's gone. It's totally gone. So I had an interesting dialogue with an individual, and I really want to give him an unbelievable shout out because Garrett says this. I'm very new to keeping a strict budget with cash envelopes. and tracking every single transaction I make. It actually took me a while to organically get cash into the envelopes. Now they are stuffed. I'm still tracking every penny. I find it super cool that the amount my bank account has normalized. I don't even need to touch it because I'm using cash.
No matter how much you push the envelope, it still remains stationary.
This is a system Dave Ramsey made popular called the envelope system, literally putting all of your bills in envelopes. Long ago, and I mean when I was like reading Total Money Makeover and trying to – and I always – DIY money, the concept was born from me going through those steps and realizing – How do I get a budget? I still didn't understand how to physically get a budget, which then led me to tracking expenses, which then led to my own budget process, spreadsheet, yada, yada, which was, again, subtly different. But the concept's simple. The concept is... Know where all your money is going, basically. And his principle was put it all, cash, in an envelope, pull it out of the envelope for the various expenses, and go about your day.
Well, it was very difficult. I got things that are checked. I mean, I tried it. I was like, this isn't going to work for me at all. And I had to adapt and overcome. But I'm curious about your situation and your generation. I feel like the next generation... doesn't use cash or checks for that matter at all.
What say you? Yeah, no, I don't. I mean, I don't use it hardly at all, but I'm the same way. If I take $50 out of the ATM, I'm going to spend it on something that I would normally not spend money on.
Yes, the Bill O. Miracle Saw has the power to cut down this tree, and yet it's precise enough to make your own homemade jigsaw puzzles.
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