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Envelope system?

Posted by on Dec. 20, 2013 at 4:44 PM
  • 8 Replies

Does anyone else use the envelope system? Ya know where you set a certain amount aside in envelope per expense (gas, grocery, entertainment ect). I started doing it last month and surprisingly saved more than I would If I were to have paid for things with the debit card. 

by on Dec. 20, 2013 at 4:44 PM
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Replies (1-8):
Courtney610
by Courtney on Dec. 20, 2013 at 4:58 PM
No, have it down to a science with my debit card.

When I worked in banking, I encouraged a lot of people to use the envelope system to avoid overdraft charges. It's an AWESOME system!
SpnFulOfSugar
by Member on Dec. 20, 2013 at 5:00 PM
No dh is in finance and would have a stroke if I tried to manage out money like that. He has systems and spreadsheets and stuff lol
TempestRayne
by Donna on Dec. 20, 2013 at 5:00 PM

Good for you! :)

Indy3000
by Bronze Member on Dec. 20, 2013 at 5:05 PM

We've never overdrafted because I budget and balance the checkbook but if we wanted something and had the money it's quite a bit easier to spend it with plastic and doesn't hurt as much ha. I bet you got people overdrafting all the time, everytime I go into my bank I swear there is always someone trying to get overdraft fees removed....

Quoting Courtney610: No, have it down to a science with my debit card.

When I worked in banking, I encouraged a lot of people to use the envelope system to avoid overdraft charges. It's an AWESOME system!


Indy3000
by Bronze Member on Dec. 20, 2013 at 5:07 PM

Lucky you, We would be so broke if my hubby was in charge of the money not because he is irresponsible but he was never really taught about money growing up which I am going to make sure to teach my children. In fact he had never written a check til after we were married.

Quoting SpnFulOfSugar: No dh is in finance and would have a stroke if I tried to manage out money like that. He has systems and spreadsheets and stuff lol


Courtney610
by Courtney on Dec. 20, 2013 at 5:26 PM
And blaming the bank for their overdraft fees. I loved banking, but I don't really miss it. Lol.

Quoting Indy3000:

We've never overdrafted because I budget and balance the checkbook but if we wanted something and had the money it's quite a bit easier to spend it with plastic and doesn't hurt as much ha. I bet you got people overdrafting all the time, everytime I go into my bank I swear there is always someone trying to get overdraft fees removed....

Quoting Courtney610: No, have it down to a science with my debit card.



When I worked in banking, I encouraged a lot of people to use the envelope system to avoid overdraft charges. It's an AWESOME system!


erin708
by Silver Member on Dec. 20, 2013 at 6:42 PM
I need to. We have a huge spending problem and live paycheck to paycheck bc of it. And there's no reason we should be broke. Its there a guidline of how to start it somewhere?
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MorganCheKelly
by on Dec. 20, 2013 at 6:53 PM

I think that you just start by setting your own budgets for expenses and stuffing your envelopes at the start of the month and only using what is there for the remainder of the month. I would be terrible at this. I am definitly not organized enough!! But I do make an effort for us to save. I make all of Anastasia's baby food (which i can do for about $30/month). We shop in bulk every 3 months or so, and I food prep like it is nobody's business!! It seems to be working out pretty well.... 

Quoting erin708: I need to. We have a huge spending problem and live paycheck to paycheck bc of it. And there's no reason we should be broke. Its there a guidline of how to start it somewhere?


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