I'm doing a modified envelope system this year, as me and hubby suck at saving! All our bills, groceries and gas are still coming from our debit cards/checking account. However, we want some sinking funds in place and can't seem to get that act together! So I'm trying the envelope system.
My goal this year is to get a certain selected amount of envelopes fully funded, and utilize the rest of them.
Here are my envelopes!
Sinking funds:
BEF 0/1000*
DH fall tuition 0/800*
Tires for both cars 0/1200*
Medical deductible 0/1500*
Home repair EF 0/1000
Car repair EF 0/1000
Garbage pickup 0/300*
Remodel ??
Bow for hunting 0/1000
Water heater 0/1000
Land up north deposit ???
Revolving/monthly envelopes:
Hunting/fishing envelope 0/500
Homestead
Kid fun
Date my husband
Stockpile
Easter
St nicks
April envelope (all my kids are born in April!!!)
The ones I have stars next to I want to get fully funded by the end of this year. I will update this as I filter money into them! Please join me! some envelopes will go away for me (ie tires will be merged with auto EF, bow is a one time purchase hubby "needs", water heater is a replacement, etc)
I am doing A modified as well.
Set aside the July taxes-done
Set aside the April/May Vehicle ins-Done
Set aside the homeowners due in Aug-start as soon as a check arrives $400/$2800.
I may do groc??
and pet shots for June
I just got $20.07 from the CC points I will add to grocery avail. funds
-returned the last of the pop bottles for $5.
and am looking at my change jar that has at least $25. in it for perishables (former G. sale money)
I should be completely set this week and next.
Definately raiding DH's coins in his bathroom and laundry.
Gathering,gathering no coin is safe!@ lol
Wonder whats in the cars. hmm?
Looks like it's just me and you in this challenge FW!
Today I added:
$20 to tree fund so $93/$200
$20 to tire fund so $40/$1200
$20 to garbage envelope so $20/$300
$20 to Ed school so $20/$800
$20 to water heater fund so $30/$1000
thats ok for now maybe someone else will need it soon
So
Auto ins. is set,taxes for July is set, and I am $90. short in the H. ins. $2710/$2800. for August
Next is a power outage fund of $300. for gas/emer. groc./spare cash for stuff like ice or purchases that come up. And at least 1 roll of quarters for campground showers and laundry
It's so nice to pay ourselves. Even though a lot of these funds are to pay someone else still, it's exciting to be more prepared then we have been. Our horse is finally getting in front of the cart for us!
Still no job for Dh
Have spent very little on groc. this week but still havent gotten into savings yet
finished the van repair under budget and w/in the money for the month
I guess we have to do the COBRA for sure and that will dip into the savings
I cant say enough how glad I am I planned and stockpiled.
I'd like to join this challenge. I have been doing envelopes for a long time, but we got away from our envelope savings since we moved a couple of years ago and I'd like to get that going again. I would also like to continue to tweak and work on saving and budgeting better. We only get paid once a month since my hubby retired, which is it's own challenge.
Has anyone heard of or tried the app "Good Budget?" I am thinking of trying it to help me track my spending. I hate tracking and I'm trying to find a better way for me to do it. I know it's an important tool, it's just such a pain. Ugh.
knitnmom-no always did an adaptation of D.R. when I was in debt.
Envelopes-need to start a groc. envelope now that I shop at Aldis. I am always ripping off my H. ins. envelope if I go to Aldis impromptu. I dont use my ATM card anymore and thats all they take (no CC/no checks). Trying to decide if I put all the groc. money per month in there or just a likely amt. for Aldis??
frugalwarrior2- I do D.R. as well, the app is just to help me track when I'm out and about. I really struggle with tracking and I was looking for something to maybe make it easier/more fun for me to try.
knitnmom-I just run everything I can through the CC and track it online for the CC and the C.U.. The CC is used just to get gas points and points from Groceries and that. Been making $20-$40. here and there. I dont do the app. because I gave up my phone a year ago. I was set to get one then DH lost his job so that on hold.
Knit mom) I don't have an overspending problem, I have a Saving problem. It's just too hard for me to put that money aside and differentiate it in my mind. But good thing you know where you fault, and you can start trying a system to fix it!
Adding $20 to the homestead envelope due to a rebate we got from menards. Will be put towards extra things needed for the coop, or more lights.
Envelopes are working really well for me, in that I love stuffing money in them! It's very gratifying for me. Savings accounts don't have that "fun to feed" feeling for me. I think cause it's just an account and I can see it from my checking. Envelopes are more goal oriented and I feed very heavily on goals! It's completely a mental thing, and what works for some may not work for others.
I'm anxious to get started, but we only get paid once a month with hubby's retirement, so I am waiting for the 1st to fill my envelopes. I have a set amount to put into my envelope savings, but I haven't divided it yet into separate "envelopes" yet.
Knit mom) yeah it gets me anxious for pay days just to rob a few bucks here and there and stuff in my envelopes. Start figuring out what envelopes you want. Sometimes having the goal written on the front is helpful!
I'm still waiting on my bros $100 :ache: that goes to envelopes once I get it.
Due to me being on maternity leave and getting a reduced income, I probably won't have as much snowflakes to put in our envelopes. However, I did add the extra from the grocery budget last month to my stockpile envelope, and got the $100 from my brother. He's supposed to have another $50 for me in two days, but I'm lucky if I get paid in the same month his bill is even due :/
Recap on envelopes
Tree fund- fully funded for first goal of $200/$200. Now saving for next goal $0/$250
Garbage - $40/$300
Tires- $40/$800 (first goal) $0/$400 (second goal)
Hubby school- $20/$800
Water heater- $30/$1000
Stockpile- $120
Homestead had a $20 rebate check, but we used it to get some wood for the chicken coop roof.
Snowflakes we are anticipating $250 from the union hall. $50 from my brother.
been using DD's rent to fund part of our grocery money and I got $30. back from the new CC's 3% on grocery and gas offer.
I also have .50 off gas from Kroger points so I will put the diff. to grocery $10?.
Dh was bugging about envelope cash so I didn't get any money out last week.
So this week I will tuck in extra.
Thinking of starting an envelope for nov. car/van ins.
The current car ins. will be billed this month for next month.
Ok so we stole a ton of money from envelopes!! Lol. To the tune of $200!!
We will be replacing that on the 20th with DHs paycheck. My brother should be sending me $150, which means he's payed off on his phone bill. So that's either money for envelopes or for car repair. Well, I have an envelope for that. So we will shove it in there until I can fund the rest. With the payoff of his phone bill means my monthly payment will be going down in July! Woohoo! Never bringing a family member on the phone bill again, sheesh.
My goal of putting $25 a paycheck in envelopes may not be a reality. We shall see.
DD is late on her rent but should have it Monday. So I will put it in the savings pile but may have to steal it for COBRA. He prob. wont get paid from the job he starts Mon for at least 2 weeks maybe 4. His side job money need to be here soon.
We have ants. but I have a vaccumn cleaner. Just not looking to hire anyone right now.
Alright I found this thread...now I'm pooped from the days events lol...will post our goals/dream...envelopes in the am.
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