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Cash Envelope System

Posted by on Oct. 8, 2015 at 5:50 PM
  • 13 Replies

Does anyone use the cash envelope system? Does it help you stay on budget?

by on Oct. 8, 2015 at 5:50 PM
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Replies (1-10):
Alieda
by Silver Member on Oct. 8, 2015 at 9:47 PM
I have not done it me self but we have great friends who did use it and has done so as long as we gave know then about twenty years. They have money problems it works so well for them.
AutasticMomx2
by on Oct. 8, 2015 at 11:54 PM
We did when we had a regular income. It helped us soooo muxh!especially dh. But even me. I'm not am overspender, just very type a lol
diaperstodating
by Gold Member on Oct. 9, 2015 at 12:01 AM
No. I am not familiar with it.
I rarely have cash.
I have three different bank accounts (one for savings, one for bills, and one for spending).
Having different banks and Mint works for me.
tiredmomfor2
by on Oct. 9, 2015 at 7:05 AM
Yes, we use it because we follow Dave Ramsey's baby steps. It helps us a lot!
ablox
by Aisha on Oct. 9, 2015 at 7:20 AM
1 mom liked this
I'll be honest and say yes and no. For the things i take money out for we do pretty well but we still haven't figured out the eating out/dh buying random things from the gas station. It's like as long as he sees money on the card if he wants something small he will buy it. But by the end of the month that messed up my budget. I haven't figured out a way to fix it yet.
RonaH
by Silver Member on Oct. 9, 2015 at 9:01 AM

No but I am thinking I might give it a shot as I want to save more.

orchid369
by Member on Oct. 9, 2015 at 11:19 AM

I used to, and yes it helps stay on budget because you CAN'T go over if your just using cash... when your out your out!

I stopped using it because my husband doesn't like it, and we make online purchases and you can't pay for those with cash.

lizard3731
by Bronze Member on Oct. 9, 2015 at 12:37 PM

My dh likes it and we use it (sort of), but I don't think it helps me stay on budget. My dh does think about impulse purchases more, because you aren't supposed to spend money that's not in the envelopes.

I also find it harder to pay cash for gas, because I have to get my autisitc son out of the car, go in, pay for the gas, go back out, put him back in car, pump the gas and possibly go get change.  Which involves the whole getting my ds in and out again.  I'm leery of just leaving him in the car while I pay for the gas.  With a debit card, all I have to do is swipe it, pump the gas and go.

quickbooksworm
by Member on Oct. 9, 2015 at 12:47 PM
1 mom liked this
No and to be honest I find Dave Ramsey's methods illogical. I use credit cards because I get cash back and rewards and pay them off monthly. I don't enjoy running around trying to pay cash for gas or utility bills or whatever. Additionally I use Acorns which rounds up your purchases to the next dollar and invests the money. Plus, if you lose the cash it is gone. No, the money stays in the bank.

I can see how it might be helpful to take out $40 for the week to pay for lunch/coffee or to carry spending money on vacation but cash is a pain.
babyspots17
by Member on Oct. 9, 2015 at 1:49 PM

I tried it but I don't think we had our spending and budget controlled enough to do it correctly.  Also it is a pain for my husband when it comes to getting gas and even buying lunches at his work.  It is something we may eventually go back to at least in part to help with cutting spending. 

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