I have a few friends who do this, and I've been so intrigued by it. It's been mentioned in my personal finance class, but it doesn't really give any good tips on how to do it. So, I'm wondering....Do any of you who read this blog do the envelope system? Do you have any pointers for us? Are there some good websites that you've found that might lead the way?
Payday is Tuesday, so I have a few days to prepare. I'd love to know what's worked for you and what hasn't, so I don't screw up royally from the moment out of the gate.
Thanks!!!
6 comments:
never, ever heard of it. once you figure it out will you let me know what it is?
Yes, we do it. We started last September and have faithfully lived by it for a year now. it's awesome. I don't ever want to go back to using my debit card. i'm not sure what all you want to know but I'll just tell you a few things. You need a budget first of all. all of our bills we pay online so that is not included in our cash system. I have one of those expandable wallet things. I got it at bi-mart for a couple of dollars. You stick the labels in it for your different categories. I have in mine, groceries, gas, household, irish dance, heidi ball dance, piano, and my personal spending money. Then we have another one of those wallets that we keep in our safe at home that has home maintenance, auto maintenance, cheerleading, ballroom dance, education and vacation. Chris gets paid 2x a month. We have a list of what cash needs to come out at each pay period. it's different for each one. The list has the category, the total amount for the category and what denominations of bills we need. That way when I go to the bank teller I just hand it to her and she/he knows exactly how much and how I want it. Then we stick it in the slots in the wallets and we are good to go. I'm planning on blogging about this but just haven't gotten around to it. It's probably time, huh?
We picked up the envelope kit from a Dave Ramsey event we went to. I think frankly it's going to really help us a lot to get our finances organized to where they need to be.
Of course, the envelope thing has sat in the back shelf ever since, but I've been thinking it's time to get them out and start.
We got sucked onto the Dave Ramsey bandwagon and it has changed my life!!!! I LOVE the cash system! I have this leather{ish} wallet that has dividers in it - I think it is called a coupon caddy - but I use it for my cash. We have so many categories, oh man, I could go on and on. I just got done telling Meghan all about it. I can give you any tips you want but you have prob. figured it out. We tried the envelope system years ago but it didn't work then. We have figured out how to make it work this time and I love it!
Just be sure to keep any reciepts for bills you pay. I know someone long story short who lost their home because they had no proof they paid their house payment:(
Another thought for you. I love YNAB (You Need a Buget) look it up. It is great and also helps you keep track of every penny.
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