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You’ve probably heard about the Cash Envelope System. It is a tried-and-true method to help you get practical and sticking to your budget. But how do you save money using the envelope system? Read on to learn about this pragmatic and straightforward system for staying on budget.
How Do You Save Money with the Envelope System?
How Does the Envelope Saving Money Work?
I love the cash envelope system because it doesn’t take a million years or a complicated online platform to implement. In fact, you can get started with less than $5, and I promise you’ll save more than that in your first month.
To start, consider any of your costs that are variable from month to month. This can be what you spend on eating out, clothing, cosmetics, groceries, girls’ nights, gifts for friends and family– anything that isn’t “nailed down” (like your rent or car payment).
You might look through your bank statements to get a realistic sense of how much you’ve actually spent on average in recent months in each category. Where can you trim back? Where do you need more flexibility? If you have three birthday gifts to buy in a month, you may need to say buh-bye to your biweekly manicure. But that’s the beauty of the system: you can change it up every month, and it’s even flexible within the month.
The rules from here are simple: when you’re running low on cash in the “groceries” envelope, it may be time to switch to mac and cheese or beans and rice for the rest of the month. Is the “cosmetics” envelope empty? Then let me make this simple for you: Jus… Read More
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