Our Cash Envelope System | 2016 Update
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- čas přidán 8. 05. 2016
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Last year I did a mini series on my channel all about our finances and Dave Ramsey's Financial Peace University. Ever since that series ended I have gotten so many questions about whether we still follow Dave's plan and if we have continued to use the cash envelop system. Today I'm hoping to answer some of those questions and share with you our updated cash envelope system. If you have any more questions please leave them in the comment section below!
Our Cash Envelope System | 2015
• Our Cash Envelope System
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I always recommend to people to pay cash for things. It is the easiest way to see and understand how far your money goes. It's easy to loose track when you just charge everything. Glad it works well for you guys.
Amen... :)
FunFoods --the disadvantage is that it's much harder to analyse your spending. I label everything in my bank account and I just have three debit cards. One for groceries and things, one for luxury and clothing and one for going out. Each have a set amount per month and I can't over spend with them. Meanwhile I see each coffee and magazine that I buy back on my bank account. I'm not walking around with €300 in cash to buy a pair of boots.
FunFoods agreed.Then you don't have to worry about paying off your credit card bill
YES! I have recently gotten away from my debit card because I constantly get over draft fees and I have 6 different savings accounts, each one is for different things like saving for a house and another for a new car etc. It gets a little chaotic sometimes. So now I only have 3 savings accounts and I only keep enough in checking to pay bills and to buy things online, the rest is in cash. So much easier this way!
If anyone decides to carry that much cash around like that on the street.....
Please keep a few singles in your back pocket in case someone tries to rob you.
I personally keep my envelopes at home. Very nice video!
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thanks for sharing Maureen.... I actually found your channel by searching for Dave Ramsey videos a long time ago. I would love to see an updated budget especially with the house now and all of the responsibility that comes with homeownership.
dave ramsey lover here!!!! :) loved that your mom and you do the tabs together- cutting the tabs into the index cards was a great IDEA :)
After watching your last video about your wallet and the dividers I loved the idea so much so I also made my wallet into an envelope system. It was a great idea!!! My husband and I haven't taken FPU, I would love to though, but we do try and follow Dave Ramsey's financial plan. We are currently on baby step 2 and only have 2 credit cards to go and we will be credit card debt free!!! Thanks again for the video, I love your channel!!
I've always admired your ability to prioritize your spending. I've watched you shop over the years....you always seem to have a "goal" and you stick to your budget. It's awesome to see someone your age so committed to living as debt free as possible. You are wise beyond your years and a great role model for many of us. :-)
Theresa S ll
I love this way of budgeting! I've used envelopes for my rent, bills, groceries, gas, etc for years now and I'm so glad I've gotten my husband into using envelopes for our monthly bills because he's tough to get to be interested in budgeting! Such a great way to realize how much should be saved and how much should go towards what. We love using it for groceries, rent, bills, our credit card, and savings. I should go more in depth and create an entertainment envelope also!
Just one quick question, when you buy something online, do you take the cash out of the relevant envelope (like personal spending or clothing) and pay it back into your bank account or keep it in a cash tin to be used the following month?
You are my grandchildren's age and I just love this video. Good job!
So glad you enjoyed this video!
love your coach wallet. it's nice to see how other people use the cash envelopes. I hand made mine with some nice paper and use them all the time.
great video.
Thank you so much for a peek into how you do your wallet/cash envelope system. Both this video and the previous one on this topic I thought were very well done - thank you for using a tripod or something. So many videos almost make me motion sick with all the movement in them! I've really only checked into a few of your budgeting/finance videos and they are encouraging to me. :-)
Thanks for the kind words, Karen. I know what you mean about feeling sick after watching some videos without a tripod.
This looks like a cool organizational idea. I'm a credit card user. I use it for everything to rack points/cash back...
Amazing hair!!!! Wow so healthy and beautiful! Thanks for video
Would love to see David's way of dividing money. I also saw in a previous video that your husband is home on the weekends. I'm in a similar situation and would love to know what kinds of things you cook when your by yourself!
Yay for cash envelope system!! Love it!!
The envelopes that you are not using do you still put money back each month for them? For example are you saving each month for christmas and birthdays and clothes?
Do you walk around with cash for clothing? Because that can be quite a sum? How does that work when you go to the shop and buy makeup and groceries in one go? Do you pay separately from different budgets?
what's your back up plan if you lose or have your wallet stolen?
Add up the money you overspend using a credit/debit card and include the interest you pay annually. I bet 9 times out of 10 you lose more that way than by the chance you lose your actual wallet or are robbed.
I use binder clips! I just write on the top of the clip with a sharpie and separate it that way.
I've seen that done before. Whatever works best for you is what you should do! :)
I do the exact same with binder clips and it works great too!
I'm seriously considering using the "envelope" system and I like using a wallet better. Odd question but do you put your loose change in the coin area of wallet and take from there when needed?
Great tip...I'm going to do the same thing now! Thanks! :)
+Nola Jungeberg Glad you enjoyed it!
Thanks for the update! Info on spending money would be cool. Do you mealplan for the week or the month? These videos are always fun, even when people are only stuffing the envelopes.
+hulda2002 I stopped meal planning when David relocated for work but I plan on starting again soon. When I do meal plan, I do it for the pay period so every two weeks.
we've been talking about doing a system like this soon.
+Love Meg It works great for us!
I understand your wallet but can you tell us how you come up with the amount to put in each section please?
This is a great idea and I have never heard about this system
Let's you budget out very well
I might try this myself
+Stephen Halbhuber It works so well for us! Give it a try, I think you'll like it.
Thanks for the update! Love that wallet! I'm using a Savvycents wallet currently.
+southerncouponista I hear great things about the Savvycents wallet!
Don't mind those negative persons.. you know what's best for you...
+walakangpaki1 You're so sweet, thanks! 💕
We recently switched to the cash envelope system as well. I feel like it's easy for me to have the cash in my wallet all divided but what does your husband do? Guys wallets are so much smaller and can't fit a lot of cash.. my husband has his personal spending money but that's it. So I feel like he might be tempted to use the debit card when he's out and about if he needed some groceries or whatever it was since he doesn't have the designated cash for those things in his wallet. Would love your input!
Hi 😊 I’m really interested to start the cash envelope system but I always have this fear that what if my wallet got stolen and all the cash would be gone. Instead of storing them into different accounts that comes with a debit card. So if i do accidentally misplaced them i can just call the bank and cancel the card and my money would still be inside.
Do you mind sharing some thoughts about this? 😊 Thank you and have a nice day ^^
what is the style of coach wallet you have? I would like to purchase the same one for my wife. thanks
You always seem to do so well with your money
+SillyMando2008 Thanks!
How much money do you put in each slot...or how often do you fill them....never heard of this system before but just to get an idea...sounds good...☺I might need to start one...
I fill our envelopes every two weeks when we get paid. The amount I put in is different each time.
I have a question about the system! Do you pull your paycheck out of the bank each month to do this system, but leave money in your account to pay bills?I'm really curious about this system, as I overspend every month, which contributes to my already huge debt.
+Kayleigh Kill My how I budget video might help you if you wanna check it out. But...I sit down twice a month and write down all of the bills for the two week period and then budget for our envelopes. Then I'll go to the bank and get out whatever I need in cash for those two weeks.
what kind of work do you do from home? if you don't mind me asking?
Love Dave Ramsey and the system, it works so well X I so wish someone had introduced us to it before we got married xxx
+Meggadegs I'm so glad we took the class not long after we got married. It has helped us so much!
+glitterandgroceries I think a Financial Peace University course would be the ultimate engagement / wedding present. If they had it here in the UK I would so buy it as a gift for newly engaged / newly weds X Its a life changer!
where did you buy the envelopes?
Does all of your other bills like mortgage, insurance cell phone etc get taken out automatically or do you also pay cash for those?
+carrin bridgewater For bills like those I either send in a check or pay online.
🖒How much do you budget for your personal spending money and for clothing? Do you have a % of your income that goes to savings?
Great video. Could you do an update on how you budget.
+Lesleyanne Barge I don't plan on doing one. The process of how I budget hasn't changed at all.
Great video. Do you still use savings app like checkout 51 to save even more and do you ever find yourself going into other envelopes if you under budget a certain category?
+Tavia I still use apps when I can. The Target cartwheel app is my favorite! I never go into other envelopes. If we ever have money left over in a certain category it just stays there until we need it.
I love the idea of cash envelopes, but I feel like so many purchases I make (especially with personal spending money, clothes, and gifts) are online.
+Homemaking Madeline I don't shop online often but when I do i'll subtract it before taking the cash out of the bank.
great system thanks for sharing
+Lynda Tidman Thanks for watching!
Dave Ramsey is awesome :)
+Living Weird I agree!
how much would you add for like a birthday or a holiday
+Joanna Beltran We save $250 a month for the holidays and we started adding birthdays as a line item to our budget once the gift has been purchased.
very helpful video:)
I use the same system except my wallet has 2 zippers, so I keep the cash in one and all the credit cards and IDs in the other. I really don't know why I carry all the credit cards. I should just leave them at home. When I pay for something at the store in cash, I feel like I'm the only one doing it. Cashiers look at me impatiently while I count my bills and coins. I don't really care. It's actually funny.
DO you still use this system? I JUST ordered the savyscents wallet
Yes, I still use this system.
what do with all of the coins and changes
I put all of the change in the change pouch of my wallet and use it for everything. I don't separate it.
Does your husband have something similar? What if he wants to buy candles or something and you have the money for it
+Jen Shaw Typically he’ll use his cash and then grab cash from my wallet to “pay back” his cash. Or, I’ll give him cash before he goes to the grocery store or something like that.
Do you have monthly subscriptions that you pay for online?
+GreenISH Katie No, no monthly subscriptions for us.
I stumbled upon your channel and like your wallet idea
Thanks!
Living in NYC working late taking the train I couldn't do this envelope system; my luck I'd get robbed lol.. using my debit card makes it easier to claim if it's stolen.. but an interesting idea..
Don't you get scared if your wallet gets lost or stolen? I want to do the envelope system but am a bit scared.
+JoJoSweets Colon Of course it's always a thought but I'm not too worried about it. Like I said, I normally spend the bulk of the cash in the first few days of taking it out. I also leave money that I know I won't be using at home when I can.
Hi JoJo!
I use the system it works I divided it in envelopes monthly
+Patricia Como Great to hear!
That is a very bad idea. Not the cash envelope system itself, but carrying around all that money at once. If someone sees you pull that wallet out and spot all that money in it they may be tempted to rob you. I would say always carry less than $100 at one time or how ever much you plan to spend that day. Store the rest at home. Hopefully you keep that at home and take another wallet for leaving the house.
You must not have watched the entire video because I did mention that I only keep the cash that i'm going to be using on me.
glitterandgroceries - No, you said you "would be spending it in the next couple of days and that money would be spent". Instead of potentially getting robbed with hundreds of dollars on you, it is smarter to only bring what you are going to spend immediately that day. If you plan to go to the store and spend $130 then bring $130. It definitely prevents you from going over budget and if you get robbed between that time you only lost $130 instead of $300+.
I alway carry a few hundred dollars on me.. and to be honest, if you are following Dave Ramsey's "BABY STEPS" Then you always have backup money in an emergency fund. So being robbed is not a fear that I have. I'd rather have $300 dollars in cash taken, then someone getting a hold of a credit card (especially if you have a tap and go feature).
Just K80 I don't use a credit card or debit card. I take the amount of money I plan to spend that day and that is all. If you plan to spend $500 today then take around $525, if you plan to spend $150 then take around $175, if you plan to spend $25 then take $50. Or always take everything and have to dip into your emergency fund when you get robbed. You always think it won't happen to you, but if someone behind you in a line happens to see you are loaded and they want money they will go after you.
I See what you mean, but It's Just Money. Honestly 'if' I get robbed, not 'when', then I accept the loss and probably would continue to do the same thing. I carry a week's worth of spending, which isn't a whole lot, but it's an amount that if I ever do get robbed I'd be able to accept the loss and move on with me life. There's no need for me to live in constant fear. And the worst of it would be replacing my ID and health card more so. But in a way you do have a good point.
I see a beautiful woman, I click on the video. 😜
Too much cash to carry around. Or have all together. Not a good idea. Just have a big will power to save and not overspend on things you don't need, it's simple. These "systems" to save money are just complicated and kinda "childish". Idk it just doesn't make sense to me how people save like this. Will power is everything.
+RubenSandwich it's not about will power it's about knowing where your money is going. You do what works for your family and I'll do what works for mine.
glitterandgroceries don't waste time answering negative coments. Reply the people that are inspired by you.
Studies have proven that people who pay with cash on average spend less. If it doesn't work for you, it doesn't work for you.
Great content, but my goodness the echo in that room is atrocious. 🙂
Sorry, I'm trying to work on it.
Very danger, if you bring outside shall cary on.. or put to your cabinets,, what if if your house burning? This is my tips,, you just put to business.
you talk very,very, fast.
Sorry