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I've been looking for a good way to do Envelope Budgeting. I'm not sure if anyone's heard of it. I used to use a site called mvelopes that had a great implementation, but it's not around anymore. In envelope budgeting you basically allocate a certain amount of your earnings each month to certain categories. It's a very safe way to budget because you know right up front how much money you have for discretionary spending. I just haven't been able to find a good program that has this exact method.
I think the Dave Ramsey philosophy follows this method, but I'm not 100%. I've never used it myself, but I've heard good things about it, and I'm pretty sure it involved separating cash into categories and envelopes, etc. I would maybe look into that??
- New mommy to a beautiful little girl named Lyra, wife to an amazingly wonderful husband, & Director of Content for an incredible pregnancy & parenting website!
seems simple,as a single mommy of 3 rather small children, this will be very easy for me to do...i could put them all in one place( a safe one of course) and go from their.....i have BEEN looking for a new system!! mine just will not work............i am soo thankful you shared this idea, can't wait to try it....
I've been looking for a good way to do Envelope Budgeting. I'm not sure if anyone's heard of it. I used to use a site called mvelopes that had a great implementation, but it's not around anymore. In envelope budgeting you basically allocate a certain amount of your earnings each month to certain categories. It's a very safe way to budget because you know right up front how much money you have for discretionary spending. I just haven't been able to find a good program that has this exact method.
Posted by Becky
I use an app called EEBA and it really helps alot with budgeting. You put your income and seperate them in envelopes and what ever you use from that it subtracts it.
I've never really heard it called this, but I've done something similar. I get my hubby's paycheck and break it up into portions and put those portions in envelopes. The envelopes are titled so I know what it's for. I then put whatever cash we have extra in my wallet so I know that money's safe to spend on whatever. It makes budgeting and keeping track of bills easy.
I think we do something similiar. We don't have envelopes, but coffee cans...one for grocery money, one for gas, one for childcare and so on. We use cash for everything except regular bills that get paid online (credit cards, savings and car). We also take out cash for our personal "allowance" so that we don't overspend. We have been able to pay off several bills so far this year doing this.
Dave Ramsey's programs use this method. His books do a great job of breaking it down and helping to set up a budget, not just for the weekly needs, but also for long-term saving. He also has a ton of sheets in the back you can copy and use to organize everything.
We use a program called "You Need A Budget". It is based on the envelope system and tracks what's in each "envelope", without the need for the physical envelope and cash. We originally started with DR's system, but having the actual cash was too much to either carry on us or leave at home. We were wasting time going into the bank to get enough change for each envelope, ugh it was a PAIN. We seriously LOVE this new program. It syncs to our smart phones, so we can always see how much is available in each category ("envelope"). You can do the free trial, then its a one-time fee to buy. Upgrades and all the support you could ever dream of is free!
We use the program along with following DR's baby steps. Since switching to the software, we have completed baby step 1 (creating our Emergency Fund) and we have about 19 months left in baby step 2 and just paid off our first BIG credit card!! I am also part of the "We are Debt Free" group on babycenter (http://community.babycenter.com/groups/a48205/we_are_debt_free). Come join us!!
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