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Can You Really Budget Your Way Out of Poverty?

May 1, 2025 By Teri Monroe Leave a Comment

Can you budget your way out of poverty?
Image Source: 123rf.com

If you’re living in poverty, it may seem like there’s no way out. However, improving your financial literacy and learning how to budget can make a difference. While it might not be the sole escape from poverty, it can help you understand where your money is going. Here are a few tips to help you create a budget and improve your financial situation.

Creating Spending Categories

A Budget is an excellent way to understand your cash flow. By creating spending categories, you’ll be able to see how much you spend on things like food, bills, clothes, transportation, etc. This in turn can help you understand how much money you’ll need each month to cover your expenses. Once you’ve set your spending categories, you can check in throughout the month to see where you’re at spending wise. Once you’ve observed your spending patterns for a few months, you can easily set limits for each category. Then, you can easily keep yourself on track throughout the month.

Making Changes

Within your budget, eventually you’ll want to allocate money for savings and any debt repayment. While you might not be able to make these changes now, a budget will help you use any extra money you have wisely. Even just putting $5 a week into a savings account can help you work toward a better future. Especially if you’re in debt, getting out of the debt cycle can feel overwhelming, but the only way to become debt free is to take the first step toward repayment.

Additionally by managing your spending, you can find areas where maybe you can cut costs and use that money for another purpose like creating an emergency fund. Then, when an unexpected expense arises you’ll be ready to cover the cost. While it’s not easy to do, learning to manage your money can help you get out of poverty.

Do You Need Additional Income?

Do you need additional income?
Image Source: Pexels

Creating a budget can help you see exactly how much you are missing to cover your expenses each month. With this information, you’ll be able to see if you need additional income and just how much you’ll need to earn. This can help you get out of poverty and improve your finances.

Will Budgeting Alone Get You Out of Poverty?

The true answer is that there is no one simple solution to getting out of poverty. Often, finding a way out is challenging and is sometimes called the poverty trap. Your financial situation may be due to systematic issues like limited access to employment opportunities, healthcare, or education. Budgeting alone is not a way out, but merely a tool to help you take control of your finances and work toward a solution. Use the resources around you, consult a financial advisor, and read or listen to financial literacy books and podcasts. Ultimately, the more you learn about managing your finances, the more equipped you’ll be to find a way out of poverty.

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Teri Monroe Headshot
Teri Monroe

Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.

Filed Under: General Finance Tagged With: budget your way out of poverty, budgeting, Budgeting Tips

Swipe, Regret, Repeat: 6 Sneaky Ways to Outsmart Your Impulse Purchases

March 11, 2025 By Teri Monroe Leave a Comment

How to stop impulse buying
Image Source: Pexels

If you find yourself frequently making unplanned purchases, you may be wondering how to stop impulse shopping. While it may seem harmless in the moment, impulse spending can quickly add up, stretching your budget and putting your long-term financial health at risk. Understanding the reasons behind these spontaneous purchases and learning strategies to control them can help you make better financial decisions. Here are six ways to stop impulse buying.

1. Evaluate Why You Make Impulse Purchases

If you don’t dig deeper into why you are prone to impulse spending, you’ll probably never break the habit. For some people, impulse spending happens when there are emotional triggers. If you’re particularly stressed, the dopamine hit that comes with making a purchase could feel like the release that you need. The instant gratification might make you feel joy in the short term, but it is often a fleeting feeling.

Studies have found that women are likely to make impulse purchases due to social pressure and are influenced by their children and close friends. Men are more likely to be influenced by their parents and colleagues. Being aware of outside pressures can help you curb impulse purchases.

2. Wait 24 Hours

Wait 24 hours before making a purchase
Image Source: Pexels

In an era of social media influencers, it’s easy to make impulse purchases on TikTok Shop. Don’t get caught up in the moment, but instead take a pause. If you’re about to make a purchase, a good strategy is to wait 24 hours and reevaluate if you still want the item. Some experts even suggest a longer waiting period for larger purchases, such as anything that is 1% or more of your income.

3. Delete Saved Credit Card Information

Online, it’s far too easy to make impulse purchases. On sites like Amazon, purchases only take one click. If you want to stop impulse buying, try deleting your credit card information from websites you frequently buy from, your Apple wallet, and so on. If you make buying items online more difficult, you’ll probably be less inclined to buy things impulsively.

4. Unsubscribe from Marketing Emails and Texts

How many promotional emails and texts do you receive in a day? While many companies offer discounts for signing up for emails and text messages, being inundated with marketing messages won’t help you make good purchasing decisions. All of these temptations add up to impulsive spending.

5. Make a List

If you’re tempted to buy something, some people find it useful to keep a running list of things that they want. Then, at the end of the month, they evaluate the list and see what they want to purchase. Just like waiting 24 hours, making a purchase list gives you time to think about whether you really need or want an item before buying it.

6. Find Replacement Activities

While many people love engaging in retail therapy, if you want to stop impulsively spending you may have to find other outlets. Replacing shopping with healthier habits that offer the release of dopamine, like exercise, will be beneficial for your financial health. Plus, you won’t have to deal with the regret or stress of overspending.

How do you stop impulse buying? Share your thoughts in the comments.

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Teri Monroe Headshot
Teri Monroe

Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.

Filed Under: General Finance Tagged With: budgeting, how to stop impulse buying, impulsive spending

The Top 5 Best Budgeting Envelopes for Cash-Only Spenders

February 28, 2025 By Stephen Kanaval Leave a Comment

Budgeting System
Image Source: 123rf.com

Let’s face it—despite our increasingly digital world, there’s something incredibly satisfying about handling physical cash when you’re trying to stick to a budget. If you’re among the growing number of people returning to cash spending for better financial control, you’ve probably heard about the envelope method. It’s simple but effective: divide your cash into different envelopes for various expenses, and when an envelope is empty, that’s it until the next payday! I’ve tested dozens of cash envelope systems, and here are the best options I’ve found for anyone serious about getting their spending under control.

1. The Savvycents Cash Budgeting Wallet

The Savvycents Cash Budgeting Wallet feels like it was designed by someone who truly understands the struggles of sticking to a budget. Made from soft but durable leather that actually improves with age, this wallet won’t embarrass you when you pull it out at dinner or the store. The thoughtful touches really show that the company gets it, like the accordion-style filing system inside and the simple zip-around enclosures. Each envelope comes with a handy label to organize your spending. Honestly, there’s something motivating about having such a beautiful tool for something as mundane as budgeting.

2. Clever Fox Cash Envelope Budgeting System

Fox Wallet
Image Source: Amazon

Listen, I was skeptical about spending less than $20 on a budgeting system—usually, you get what you pay for, right? But the Clever Fox envelopes completely changed the game. These things are practically indestructible! They can survive coffee spills or getting crushed at the bottom of an overstuffed bag. Having 12 different colored envelopes might seem like overkill until you realize how satisfying it is to have a dedicated purple envelope just for your coffee habit or a bright yellow one for spontaneous fun money. The best part? Writing directly on the envelopes to track spending.

3. Dave Ramsey’s Cash Envelope Wallet 

When Dave Ramsey, the godfather of strict budgeting, produces a cash wallet, you take heed. The genius of this wallet is that it eliminates every excuse for not sticking with cash budgeting. “It’s too complicated to carry separate envelopes.” Nope—it’s all in one place. “I forgot my budgeting envelopes at home.” You can’t use that one either—this IS my wallet now. “I need somewhere for my cards too.” It’s got slots for those. The simple design feels pleasantly old-school in the best way, like I’m the CEO of my own personal finances. Yes, it bulks up when every envelope is stuffed after payday (I’ve gotten some looks when I plop this beast on the counter), but watching those envelopes gradually thin out gives a visual progress report each month. If you’re serious about making cash budgeting stick long-term, this system removes literally every barrier except your own willpower.

4. Rnairni Cash Envelope Wallet

Cash Wallets
Image Source: Amazon

Anyone who’s tried juggling loose envelopes knows the frustration of leaving the right one at home exactly when you need it. The Rnairni Cash Envelope Wallet solves this problem brilliantly by creating an all-in-one command center for cash budgeting. This wallet comes with everything needed to start budgeting immediately—12 laminated cash envelopes that won’t tear after a few uses, budget sheets to track spending, and even a quick-start guide for budgeting newcomers. The thoughtful extras make this wallet stand out from basic envelopes: RFID-blocking technology protects credit cards from digital theft, while the spacious design accommodates smartphones, passports, and checkbooks. The removable wrist strap is particularly clever for shopping trips when hands need to be free to pick up items or manage children.

5. Budget Binder Cash Envelopes

5
Image Source: Amazon

Budget-conscious shoppers looking for maximum value will appreciate the Budget Binder Cash Envelope System. At just $8, this wallet delivers impressive functionality without breaking the bank. The clever ring binder design securely holds 12 laminated cash envelopes, making it easy to add, remove, or reorganize categories as budgeting needs change. The complete budgeting kit includes everything needed to start managing money more effectively right away—12 budget tracking sheets complement the envelopes, creating a systematic approach to monitoring expenses. While it doesn’t offer extras like smartphone storage or RFID protection found in more expensive models, its focused design excels at its primary purpose: organizing cash into categories that prevent overspending.

Choosing the Right Budgeting Envelope System

Cash Wallet
Image Source: 123rf.com

Finding your perfect cash envelope system isn’t just about picking the prettiest option—it’s about knowing yourself and your habits. Are you the person who needs the visual reminder of transparent pouches, or do you prefer the privacy of opaque envelopes? Do you need something that fits in a pocket, or are you always carrying a bag? Consider how many spending categories you realistically need to track—too many can become overwhelming and defeat the purpose of simplifying your finances.

Stephen Kanaval
Stephen Kanaval

Stephen began his career as a Research Assistant at a reputable middle-market private equity firm, where he honed his skills in market research, financial analysis, and identifying investment opportunities. He then transitioned to full-time financial writing focusing on small-cap biotech innovation and digital payment solutions. Today, Stephen is a value-based retail investor and novice baseball statistician.

Filed Under: budgeting Tagged With: budgeting, cash, cash envelopes, Envelopes

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