Good info in this thread, as I move closer to FIRE and thinking about how to manage $$$...
(I have a daughter who uses electronic "envelopes" - literally separate savings accounts at her bank - to bucket certain erratic expenses. She does it so she doesn't feel guilty about spending money on "fun" stuff right after she gets the car fixed. But, we've done LBYM for so long that we don't need that type of self discipline.)
This quote reminded me of a friend, so I'll share a little story I always found humorous, hope you enjoy...
Good friend of mine graduated from college in '81. We went to the same school, worked for the same company, saw each other almost daily for a few years. Upon graduation he and another guy moved in to a nice apartment, got newer cars, nothing crazy but enjoying the new income. Both lacked discipline when it came to money, they'd spend what they had, but they recognized it. One day I stop in to see his new apartment and there's this big stuffed bear (not adult, but big kid) sitting in a bean bag chair with envelopes in different places, under an arm, in a hand, etc. I said what the heck is that? He says that's Dave the Budget Director. I say Huh? He says they named the bear after Dave Stockman, government budget manager or something at the time, and when they got paid the first of the month they put cash/checks into envelopes for rent, utilities, etc., and then could only spend what was left.
Fast forward a couple of years, he's single and living large with money burning a hole in his pocket, I'm a new grad, dad, have a house, and not even up to the point where you could say I was living paycheck to paycheck. He'd been talking about getting a car to replace the used Honda Accord he'd purchased upon graduation, was talking low end Porsche. Sat. late afternoon he stops by, rings the bell, my wife is out and I'm babysitting, not an unusual thing to happen. He grabs a beer and we're chatting and I realize he's nervous, and I say What's up, is something wrong? He says, well, I did something bad. I asked if it was red and sitting in front of my house, and he say NO!!!! .... then sheepishly adds It's black... He bought a 300ZX turbo as an impulse purchase that afternoon...
Oh well, hope you enjoy... Happy Sunday everyone!