To "B" or Not To "B" - That is The ?

I read a recent article online, written by a "financial planner" who advocates a pay yourself first approach to budgeting, and let the rest fall where it may.  In other words, put money first into savings and then let the rest take care of itself.  If you overspend, dip into savings to save the day.

I call that feckless.

I am all for "pay yourself first" -- which is exactly how I handle my monthly income.  Savings come off the top.  A transfer into my separate savings acct first, then a lesser amount into the "cookie jar" savings sub-category of my regular checking.  The rest is allocated into various sub-categories, and lastly an amount for a cash ATM withdrawal to cover monthly groceries, gas, laundry, flea marketing, haircuts etc.  If the cash is spent before the end of the month, there is NO dipping into savings.  I stay home and eat soup for dinner.

I know where my money goes, to the penny.  It's all right there in Quicken and my back-up spreadsheet.  

That's what "I" call budgeting.

Penny Pincher