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Step III Allocating Resources using The Accounts System

Published by sam - 07/10/07 - 02:10:30 am

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The accounts system can be compared to budgeting with envelopes, an old fashioned method used when few people had checking accounts or credit cards.  Every payday, the income was divided among set of envelope, one for each budget category.  Each category’s expenses were paid out of that envelope; when the envelope was empty, spending stopped in that category.  Economies one month in one category might finance an extra expenditure in that category next month, or the surplus might be shipped off to a savings account.  Of course, “borrowing” from one envelope to another might occur, but doing so inconsistently could ruin the budget.

If we take the labels off the envelopes and make them headings on a notebook or ledger page, we have the modern vision of an envelope system—called an accounts system.  Accounts kept on paper serve to divide up income as the envelopes did.  Each paycheck is apportioned to the various accounts, just as you’d dole out cash from a set of envelopes.  When money is spent in a particular category, the amount is subtracted from the account balance (just as with the envelope), giving a running total to serve as a corrective for further spending.  Balances or deficits in an account carry over from one month to the next, allowing the same sort of flexibility that people found valuable in the old cash system.

For the couple represented in figure 6-4, this simpler method works best.  In their late fifties, they have only 10 expense by category.  For example, their mortgage payment is $330 a month.  Each month, $330 of their total income is allocated to the “Mortgage” column.  When the mortgage is paid, the amount is subtracted and the balance in that account is noted.  Everything that doesn’t fit one of the major categories is put in a “Miscellaneous/Remainder” category, and the couple feels free to spend liberally from this category, since savings have been taken out routinely.

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