It’s hubby’s payday yesterday. Early in the morning, I took a bus to Public Bank to withdraw his money and went to Maybank to deposit my AKPK debt management repayment and hubby’s AKPK debt repayment.
Right after that, I opened an online Maybank2u account with the help of a bank officer. So, starting next month, I can pay the AKPK debt repayments of mine and hubby’s online without the hassle of traveling to banks anymore.
There went hubby’s pay of RM1,800; it’s used to pay the debt repayments of mine and hubby’s RM680, the auto insurance RM300 and some personal debt RM520.
The remaining RM300 will be hubby’s weekly spending on meals, clothing, groceries and petrol.
I have discussed with hubby that he needs to try out the envelope budgeting system to help him spend his money wisely.
Last month after he got his salary pay and paid the debt repayments and car loan installment payment, he was left with RM700.
Since it’s his salary, I let him keep the remaining of RM700 to see how he managed his cash in hand.
I was mad that he finished his cash within 15 days! Basically, he spent on food, clothing, groceries and petrol. But, he overspent on every category.
I observed that he loved buying buns and snacks for other teachers. Each week, he would spend between RM30 to RM40 on food for others.
When it came to buying clothing, he was nice enough to buy for me, his sister and brother. Although I had told him that I didn’t need new clothes for the time being, he still bought for me.
Groceries and household products! Each time he came home with bags of big or small groceries and household products, I would nag at him for shopping for groceries and household products again.
He said the groceries and household items were on sales or discounted items that could save money?! Well, there are always sales now owing to the bad economy.
The envelope budgeting system I am going to let him try out is a simpler one; he will be given a budget envelope rather than a few budgeting envelopes every week.
Each Monday, he will receive an envelope filled with a budget of RM200 for his weekly cash expenses on food, clothing, groceries and petrol.
With only RM200 cash in hand instead of RM700, I think he will think twice when it comes to buying clothes or antique watches.
Speaking of watches, I was mad that hubby bought 3 antique watches in one and a half months! He reasoned that he had a full time job, so it’s fine to buy the antique watches he liked.
Argh, I am fine if he buys an old watch every month or every two months. But buying 3 watches in one and a half months is a bit ridiculous, isn’t it?
I am glad that hubby is willing to try out the envelope budgeting system to help him manage his hard-earned money wisely.
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Hi Vedis, I’ve been a loyal follower to your blog on journey to regain your financial freedom again.. I’m drowned with unmanageable debt myself and planning to pursue AKPK soon. Wish me luck!
Oh, if you subscribe to Astro, you should check out channel 733 – Discovery Home & Health’s Til Debt Do Us Part. This show actually features her helping couples with financial problems so that they’re moving towards financial freedom within a certain period of time. Currently I think they’re showing it on weekdays at 11:30pm and I make it a point not to miss the show whenever I could. I think you gonna love this show!
Alternatively, you may check out her website http://www.gailvazoxlade.com/ to learn about the show & use some of her interesting financial tools to help you manage your personal finances..
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