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envelope system is good or just use a dry erase board
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envelope system is good or just use a dry erase board
I use a digital envelope system with my budgeting app. I really love it. I use YNAB - You need a budget, and its working really well for me.
Do people still carry cash
I have never heard of this
Mint is also a good budgeting app
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.
I'll have to look into One Finance. I think the envelope system has definite benefits, but since I manage my money almost exclusively electronically, it doesn't really feel doable. Thanks for sharing this!
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?
I like the envelope system because it allows me to only spend the money I have so I am accountable. Using plastic I just swipe and go. The challenging part of this method is only spending the $60 I brought to the grocery store.
YNAB is a great electronic version of the envelope system
interesting
There is now a debit card called Qube that you can set up your budget categories on and each time you spend, select the category you are spending from and it will deduct it the same as the envelope.
I really like the idea of keeping separate bank accounts for the different categories