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Why I Don't Use Cash Envelopes Anymore - Pros + Cons
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- čas přidán 16. 09. 2021
- It's been awhile since I broke out my cash envelopes - here's why I stopped using them and what signals to look for when you're ready to graduate out of cash envelopes.
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I started my budgeting journey by using cash envelopes and it was very helpful and didn’t mind going to the bank. now that I’m debt free, I do a mix of cash and card.
Maybe this is just me, but I find it harder on my mind to spend money when it’s from my checking account because I can immediately see the balance in my account change. With cash, it feels like whatever. It’s already gone and hard for me to conceptualize.
There's some truth to that as well!
I'm pretty attached to my cash envelopes right now as I'm just starting but it's great to know that there may come a time when it could make more sense to "graduate" from them. Great vid! Thank you for sharing.
Love it!!
I like the cash envelope system, especially for food. It’s helped me stay under in food which hard, considering raising food prices and my food budget includes toiletries and diapers for our 17 month old. I like it too for Christmas.
My food envelope always got the most wear and tear! Definitely kept me on track with my grocery budget.
My bank's ATM allows you to ask for 20s 10s and 5s and how many of each. Alternately, just write a check, give your denomination list on a post-it note and go to the drive through.
That's neat! I don't like getting money in $20 increments. Sometimes I need just $50 and end up having to get $60, so now I just go through the drive-through and withdraw.
I am currently trying to transition from cash to all digital. I’m finding myself hoarding money because I haven’t found a good way to keep track of where my money belongs. I use Marissa Lyda’s monthly budget template but I think I need to create a weekly check in for myself
Weekly check-in's are a great idea. I like doing that from time to time when I feel disconnected to my budget. It's a nice reset. Glad to hear you're using Marissa's spreadsheet - I know she put a lot of work into creating it and making it a useful tool!
Have you ever thought about doing grocery/ shopping hauls when you go to the store? Looooove videos like that for ideas how to fit everything in to budget! I am not great at the grocery shopping and food takes up a big chunk of our budgets so would love to see content like that!
I haven't done a video like that before... maybe I should! Especially with the rising cost of food.
@@DebtFreeMillennials that would be an awesome video!
Also, what checking account do you prefer?what bank & what type?
Great video Justine👍🏽. I still use cash envelopes. It keeps me accountable. I stuff them with $20 bills, so I don’t need to go into the bank. I only use the ATM.
Love that!
I used to use cash but when covid hit our bank reduced its hours to the point I could never get to them without draging my kids there and they (kids, cashiers, and other people) did not appreciate that. So we to cashless and it's been working well for us. I still track our categories to prevent overspending.
Glad you could adjust to something that still works for you!
Hi Justine! Really interesting point of view. I do a hybrid type of cash envelopes. Even tho I budget, I feel more comfortable. Staple categories like gas, groceries, my dog, household and fun for me 🥳, I keep strictly in cash, cause I feel like I do control my spending in a more organized way. No change, I round up all my spe ding there. The ones I did transition wwere my sinking funds. My credit union allows me to make sub accounts (and hide them from my dashboard) so every pay day I make them visible, transfer what I need, hide them again and forget about it. So far it has worked. 🥳 Love ur videos! U totally rock 😄
I love the hybrid idea!! What a good way of blending physical cash and cashless spending
Well, I just started using an app to track my purchases, on top of the money envelope. Next month I plan to just withdraw the lump sum and use the app to track how much is in each category. I think I'll like that better for no other reason than just not fiddling with getting the cash in and out of the envelopes themselves. Also, now I can stop dividing my categories into even $20 chunks for the sake of the ATM.
I am in the category of feeling fear and anxiety of checking my account and also feelong disconnected so having physical cash is the right place to start for me. I look forward to switching over to digital in 6 months to a year though!
Justine, 👋
Love your videos.
Keep on doing your thing.
Hope you, hubby and baby are doing well.
Thank you so much!!
@@DebtFreeMillennials you are very much welcome.
Working to payoff 90k in debt with a family of 5. I have always worked on a digital system but in the past 4ish years things have gone haywire with unexpected events. Thinking we should look into the cash envelope system.
I use the sinking funds with capital one checking/saving. Going to the bank is such a gross thought for me as an introvert.
maybe cash stuffing is good as a starting point but not to live on