Cash Envelopes: Coming Soon
The cash envelope is a great way to start budgeting. I always resisted budgeting because I felt like I had to give up everything and not have any fun money.
First I build my monthly budget using the Monthly Budget Tracker. After I have figured out all the bills I pay online; rent, car, internet, phone, savings account, credit cards - I am working to pay off, etc.
Please check out my video on how and what envelopes I carry with me:
There are 3 ways to managing the money in your envelopes:
1. Any remaining money gets rolled over in the same envelope for future purchases. This works great on the Me Money envelope, I let it roll month to month sometimes and then have a mini-guilt free shopping spree!
2. Any remaining money gets rolled over to another envelope for extra spending.
3. Any remaining money goes to your savings account or a special savings fund. I am saving to go to Europe, I make extra money and add it to my vacation fund.
What Cash Envelopes do I have? These may not be the right ones for you, these are the ones that work for me.
- Self + Care (makeup, haircut, highlights, mani, pedi + facials),
- Me money; anything I want to buy without feeling guilty (clothes, shoes, etc)
- Doggie (dog food, toys, grooming, emergency stash for unexcepted vet bills)
- Gift (birthdays, Christmas, Mothers + Fathers Day, Sympathy)
- Girls Night Out
- Car Maintenance (oil changes, scheduled and emergency maintenance)
- Whoops (this is my extra just in case)
- Saving Envelopes for less frequent purchases: Black Friday, Back to School Supplies + Clothes, Vacation, etc.