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Envelope system

Started by Candice P.
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Candice P.

Today was my first time trying the envelope system. Has anyone else tried it? What did you find most helpful and most challenging about sticking to the budget?

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Elise H.

Works great for me but I still like to use my bank account for savings

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Mariam H.

I love using the envelope system because it makes me conscious of watching my budget very closely. When the cash is gone that's it in that category for the month. I also challenge myself to spend less than what I have budgeted for my envelopes and depending on which category and what is remaining at the end of the month I toss it toward my monthly savings challenge and then divide that to pay off debt.

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Elena B.

I do not use the typical cash envelope system. However, I have separate bank accounts for my budget categories (spending, household, bills, and entertainment). I have the current month’s budget balance plus a cushion in each account. Any excess above the cushion is transferred to savings at the end of the month.

I have saw ads for a bank called One Finance does this using one account. The account allows you to create various envelopes which you can control which envelope is attached to your debit card through the app. It may be a good option for those who want to do a cashless envelope system.

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Teresa R.

We use reloadable cards to avoid needing to carry cash. We have one for food and one for gas

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Candice P.

I just started using the envelope system. I'd heard about it before but I hadn't tried it… I don't know what took me so long. It seems to be working!!

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Doris W.

I have used the envelope system myself also and it works great

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Jacqueline G.

I do use the envelope to safe money. This is how my mom showed me and she still doing it.

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Ming C.

First time hearing of this. Previously only heard of using cookie jars.

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Amanda M.

We use reloadable cards to avoid needing to carry cash. We have one for food and one for gas

This is a great idea. Do you just put the amount of the excess in your savings instead of reloading on card?

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Kayla M.

I have a similar system but ita more like the folded money not folded mo way system or different wallet pocket system

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Rodney S.

This is probably the most efficient budgeting technique when it comes to saving.

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Regina M.

I am debating on switching over to the envelope system but have not completely decided to go this route yet

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