The Envelope System, for Beginners - Page 2
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  1. #16
    Registered User sinopa27's Avatar
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    thanks. Now I can get my envelopes together!!

  2. #17
    Registered User leighcat's Avatar
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    Greebo, I really like your idea and system. I have some questions. I get paid bi-weekly, and I get direct deposit. Should I stop the direct deposit? I get paid quicker that way but I don't have the cash on hand so it is harder to divide it up. Also, how do you do this system with bills that get paid online, over the phone, or by check? Do I just cash my paycheck and then add just the needed amount to my checking/debit account for those bills? Also, I may have to get into my ef to get setup at first then I will add the leftover back to my ef once I am all set. What can you recommend to me to get this system to work for me?

  3. #18
    Registered User Greebo's Avatar
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    Quote Originally Posted by leighcat View Post
    Greebo, I really like your idea and system. I have some questions. I get paid bi-weekly, and I get direct deposit. Should I stop the direct deposit? I get paid quicker that way but I don't have the cash on hand so it is harder to divide it up. Also, how do you do this system with bills that get paid online, over the phone, or by check? Do I just cash my paycheck and then add just the needed amount to my checking/debit account for those bills? Also, I may have to get into my ef to get setup at first then I will add the leftover back to my ef once I am all set. What can you recommend to me to get this system to work for me?
    Well, first, it's not my system or idea.

    No, you don't need to stop direct deposit - just go to the bank and pull out the cash you need for the envelopes. Some things are easier paid electronically(IMO) - utility bills and the like - so you need money in the bank for that. You only do actual hands on cash envelopes for the categories where cash *makes sense*.

    No, do not touch your EF to start doing this. When you get paid, figure out how much of THAT paycheck should go into the cash envelopes you do need (food, gas, clothing, stuff like that) and pull out that much cash to fill the envelopes. You figure out how much cash you need by doing a proper budget where your fixed expenses are accounted for. If you don't have enough cash to fill the envelopes w/o touching the EF - YOU BUDGETED TOO MUCH - go back and lower the cash allocations.

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  5. #19
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    yes this was a wonderful explanation and even i was able to understand now to implement it....

  6. #20
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    Thanks for posting this..I really need it

  7. #21
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    i'm new to this all

    thank you for putting it into simple terms,i love the envelope system
    it's great.

  8. #22
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    Great post, will def steal this

    For my situation, I just started using money orders for everything

    Way easier to keep track of imo. I'm terrible at having a checking account

  9. #23
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    I started the envelope system on the 1st of June. I have to say, it is helping me realize that cash is a lot harder to spend(b/c you are counting whats left) vs. debit.
    I only do it for groceries and gas, since we like to keep a paper trail for bills (incase they say "oh well, we didn't receive your payment").

    In 8 days I have spent 65 on groceries and 62 on gas. I don't have a budget for gas (I estimated $110/two weeks), being its our first month. But groceries we are trying to keep it under $300/mth. My husband gave up meat, and I have been cooking bigger portions to allow for leftovers twice a week. I hate to cook, my kitchen gets hot and my kids run rampid. It's like Hell's kitchen. hahah

    Good job everyone! I love this site and so happy to have found it

  10. #24
    Registered User GirlBoyGirl's Avatar
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    Quote Originally Posted by FLgal View Post
    I hate to cook, my kitchen gets hot and my kids run rampid. It's like Hell's kitchen. hahah
    Sounds like my house! LOL

    Anyway, congrats and good luck! Sounds like you are doing great!

  11. #25
    Moderator Ceashels's Avatar
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    This was linked in a different thread I was reading and I wanted to bump it for all the new budgeters we have here in the Village.

  12. #26
    Registered User Ayanka's Avatar
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    Thanks Ceashels , if you have time/feel like it, would you be so friendly to update the long thread on how you get debt free too? I think it is a great example of how much you can achieve with will power and time and honestly I am a bit curious on how you are doing now too .

  13. #27
    Moderator Ceashels's Avatar
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    We took the Dave Ramsey plan and modified it to fit our needs. If you can get a copy of Total Money Makeover, Dave lays it all out. We sold stock, stopped going to restaurants, and learned to say NO! I'll try to update our accountability thread (if that's the one you are referring to) but it has been a He**ish year so far and I'm not quite ready to revisit it just yet. :0

  14. #28
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    Very detailed and I like it!
    Yes if run out of debt, there could be an outing.

  15. #29
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    This is an older post but for the new members I thought it might be helpful

  16. #30
    Registered User earlybird's Avatar
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    I have used the envelope system on and off for many years and always had good success.
    I always come back to it because it works.

    Rereading this thread is bringing me back to envelope method.

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