Envelope system

[Methenyouplus4]

Thinking about doing this as a way to keep track of things outside of direct debits e.g. petrol/food/ presents, school trip money etc.

Does it work?

Are you paranoid you will lose the envelopes?

I should add, I think physically moving the money would really help me be mindful of spends and when I am essentially 'pinching' from another pot with extras (coffee out etc).

I tried YNAB a few years back but found it awkward to use and didn't match with my bank account.

I've never done it but my mum always has and probably always will. She's never lost an envelope (tough wood!) and she never goes outside of her budget. She refuses to pay by debit card or to have direct debits. Every time she is paid her wages, she gets it all out and divides it up between the envelopes and it's never failed her.

Have a watch of this, it's about a slightly different kind of envelope budgeting and I find it's easy and works well.

The other thing I've tried with good results is to use an app to track your "envelopes"- I use Fudget. That way the money stays in my bank (safer, you can't lose it like cash). You create your budgets then record accordingly when you spend. I can see at a glance what I've got left, and I don't need to constantly check my bank as I know what I can spend and what I have spent.

What is this?

I was going to recommend Jordan page too ( linked above) as I mostly shop online so cash envelopes were pointless

She’s got some fab advice on lots of things tbh.

One thing I’ve started doing since watching her is switching to only shopping every 2-3 weeks. ( plus one top up shop for fresh stuff in middle - taking only the exact cash I need.. well to the nearest pound!) Its saving me a fortune and we are actually eating better than before.)

Thank you so much for the links, going to investigate them today.x

Loved that link, thank you. Going to set it up tomorrow as I get paid then.

I have several bank accounts that money is transferred into automatically for different savings.... car, xmas, house maintenance, holiday etc

Same @snapes I have 4 savings accounts - one labelled bills, one labelled transport, one labelled budget (for weekly spending allowance) and one labelled savings.