Envelopes
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Thread: Envelopes

  1. #1
    Registered User stoneking78's Avatar
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    Default Envelopes

    I was wondering what envelopes that everyone used....I am getting ready to start the program.....gazelle intense and I just dont want to forget one.....

    gas
    food
    entertainment (not that I am thinking that I have money for this!)
    blow (again see above)

    All of my other expenses are fixed...house payment, gas, water, electric

    Maybe I am forgetting something big....any advice would be great!

    Thanks,

    Jessica

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    Registered User missmanny's Avatar
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    Good luck, I started with the envelopes and once I got into it I realised that I was diciplined enough not to need them.

    you might want to add and envelope for gifts and just put a small ammount away each pay period so that when something comes up you don't need to divert from your program and you have the money there?

    Thats my only suggestion - there are some people here using envelopes - I'm sure that they can give you a list of what you may have not thought of.

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    I used them for a couple months, but found them hindering me. I wanted to move through a line quickly, and with my kids underfoot, that just wasn't happening. So what I'm beginning to do now is, I'll have a list at the beginning of the month for my "envelopes" just on a piece of notebook paper. Whenever I use money from a certain "envelope," I write the amount spent next to the category and track it that way. I do still use cash for most things, but instead of tucking a little bit in each envelope, I just have it in my wallet normally. We'll see how this works for me. I have a good feeling about it, since it's what I already was doing anyway. Hope it makes sense to you.

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    Moderator Ceashels's Avatar
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    We use a "virtual" envelope system like Mateosbaby. We keep track on a white board of what each category has in its budget and what goes out.

    We have virtual envelopes for both sides of the budget. Food, gas, entertainment, parking, utilities, etc. So the money goes in at the beginning of the month and gets used up as the month progresses.

    Our funds that we are saving for also has its virtual envelope. These are things that are irregularly billed like water (every 3 months), haircuts, vet bills, car registration, house repairs and expenses, etc. We put money in at the beginning of the month and take it out when needed which is infrequently. These envelopes grow over time. So the money is in the bank account but it is earmarked for specific things.

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    Haircuts
    eating out
    clothing
    diapers (if applicable) - I know you have a 9yr old - but others might read this

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    Registered User MTS04's Avatar
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    Quote Originally Posted by stoneking78 View Post
    I was wondering what envelopes that everyone used....I am getting ready to start the program.....gazelle intense and I just dont want to forget one.....

    gas
    food
    entertainment (not that I am thinking that I have money for this!)
    blow (again see above)

    All of my other expenses are fixed...house payment, gas, water, electric

    Maybe I am forgetting something big....any advice would be great!

    Thanks,

    Jessica
    Hi Jessica,

    I only used envelopes for things that I needed to realize how much we were spending and how much we could cut back.

    I now only use envelopes for Gas, food and blow. I have to keep using them, because it's the only way I can get DH to realize that there's a limit to what should be spent per month.

    Did 1 month without the envelopes (lazy me) and saw so many atm visits by him.

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    Registered User Samigirl's Avatar
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    I use a virtual envelope system using Quicken. My categories consist of: Groceries, Gas, Gifts (if we have a birthday, etc. coming up), Sports/Lessons (kid's activities), & Prescriptions. I find it easier to deduct any money spent from the virtual envelope as opposed to using a cash system.

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    Wow, sounds like I'm the only poster so far that uses the envelope system with any amount of intensity.

    I have 13 envelopes, most of the major ones listed on DR's example sheets, and a few weirdo ones. Basically anything we spend money on that isn't a normal bill (like the house, or utilities, or daycare). The only one we don't do an envelope for that isn't a bill is gas money for the cars. We still use a debit card for that, but I make sure to pad the checking account with an average monthly useage amount for that.

    The wife and I are really dilligent about keeping up the system. We're just using normal large mailing envelopes, and keep track of everything on the outside of them in a chart similar to the kit you can buy from DR.com. I bought a coupon divider case that can zipper closed, and has some outside pockets where I keep a pencil and a small notepad. We keep the "money envelope case" in the same area all the time in the house so we know where to go to get it (it's hidden away).

    Sound weird? IIndeed it is, looks like we're doing what most other's won't do...so we can live like most others won't. There's no half-a$$ing this plan for us, we're full bore and I don't care how much of a hassle it is. It's meant to be hard. If it was easy, everyone would be wealthy.

    Keep on keepin' on!
    Last edited by ChristopherJ; 08-20-2008 at 04:08 PM.

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    Registered User sunshine's Avatar
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    We have done the actual envelopes for years. . . virtual ones, keeping track on a notebook are not the same thing. you still tend to overspend if you are not using CASH.

    Our envelopes include:

    gas
    groceries
    blow
    clothing
    entertainment
    gifts - misc.
    Christmas
    simple car maintainance (oil changes, etc.) Major car repairs go in a sinking fund

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    Registered User Samigirl's Avatar
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    Quote Originally Posted by sunshine View Post
    We have done the actual envelopes for years. . . virtual ones, keeping track on a notebook are not the same thing. you still tend to overspend if you are not using CASH.
    I disagree. I track my spending daily. When the money is gone out of my virtual envelope, I'm done spending. If I allot $100 dollars for groceries, that's the limit. It's the same as if I had physically taken the money out of an actual envelope.
    Last edited by Samigirl; 08-20-2008 at 08:52 PM.

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    Registered User sunshine's Avatar
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    Quote Originally Posted by Samigirl View Post
    I disagree. I track my spending daily. When the money is gone out of my virtual envelope, I'm done spending. If I allot $100 dollars for groceries, that's the limit. It's the same as if I had physically taken the money out of an actual envelope.
    I'm not saying people overspend when they don't use cash -- just that they tend to spend more when they use debit or credit cards. There are always exceptions to everything -- but AS A RULE, most people will spend more.

    Perhaps there would be money left in the envelope, if one had to hand over the cash instead.

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    Quote Originally Posted by sunshine View Post
    We have done the actual envelopes for years. . . virtual ones, keeping track on a notebook are not the same thing. you still tend to overspend if you are not using CASH.

    Our envelopes include:

    gas
    groceries
    blow
    clothing
    entertainment
    gifts - misc.
    Christmas
    simple car maintainance (oil changes, etc.) Major car repairs go in a sinking fund
    I still use cash for almost everything, whenever I can, but it's easier to not have to figure out which envelope to take money from when you're standing in line at Target with groceries, clothing, misc. household items, and blow money all in the same receipt. KWIM? Especially, like I said, with 3 kids underfoot.

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    Quote Originally Posted by mateosbaby View Post
    I still use cash for almost everything, whenever I can, but it's easier to not have to figure out which envelope to take money from when you're standing in line at Target with groceries, clothing, misc. household items, and blow money all in the same receipt. KWIM? Especially, like I said, with 3 kids underfoot.
    I've tackled this a few different ways in the past. Indeed it isn't always useful to carry a bunch of envelopes around with you, so sometimes we'll either a) just pay using the debit card and pull from checking, and then when we get home using the receipt I'll pull out the cash from respective envelopes and make a bank deposit the next day on my lunch to reimburse the checking account, or b) just take blow money only and pay out of that, and then do the envelope transfers when you get home (our blow envelopes are usually well-padded enough though to handle a Target run like you described.)

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    Registered User stoneking78's Avatar
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    Thank you everyone for all of the great ideas, I like the car maintaince idea.....maybe 5 or 10 dollars a paycheck then the oil change would be covered....and the clothing is a great idea too, espically with a growing 11 year old!

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