[GirlBoyGirl]

How much cash total is your envelopes/home? (List your addresses too please LOL!) No really, I was just sitting here trying to figure out some of my savings envelopes and sinking funds and thought that it could end up being a lot of cash in the house... For instance if I have envelopes for birthdays, Christmas, other gifts, car repairs, etc- couldn't this start to be a lot of dough? Even if it only totaled $1000, that is still a lot- do you think? I have the PNC Virtual Wallet, which I love and you can sort of have virtual wallets where you can put money in savings and then allocate it for certain things, this is where I have my Christmas money, etc as of now. Then when you want to spend it, you click "spend now" and it transfer it to your checking account. Which is kinda cool, but hard to keep up with as far as "stuffing" (i.e. adding on a regular basis). What are your opinions on this? Thanks, you all have been so helpful!

 

[Libby]

I think the idea behind the envelope system is to have the cash on hand should a disaster strike. What good is it to have all the money locked up in the bank or online when the power is out - you can't access it. Thats a bit of extreme thinking but it could happen.

I'd say keep as much money in the house as you feel comfortable with. Think about what you have in your house now - for example lets use the kitchen. Add up the money spent on your kitchen cookware and appliances. Does it add up to more then $1K? Do you feel comfortable having that much money out on daily display? Little things do add up. Extreme example - yes. Point being, dont advertise where you have your 'envelopes'.

I think the majority of people keep the money in a designated bank account and just 'track' their money debits/credits via excel or a notebook.

 

[sunshine]

My Christmas money is in the credit union - direct deposited every pay day. . .as is my emergency fund money.

Envelopes at home are:

food: $160/ every two weeks
gas: $240/every two weeks
clothing $20/every two weeks
entertainment: $20/every two weeks
blow: $40/ every two weeks (split between dh and me)

If the clothing fund gets more than $100 it gets transferred to savings with a note in the envelope. Then if we need to buy something expensive we take that money from savings.

If the food envelope gets above $200 after the two week period, we either stock up on items , or buy something to donate to the food pantry , or use it to pay down debt.

Gas, never seems to have any left over