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Glad you asked. It’s a simple and effective way to budget by using envelopes to organize your cash. The envelope system has no doubt been popularized by financial expert, Dave Ramsey, but he will be the first to let you know he didn’t invent it. Dave says, “I found out that Grandma’s way to handle money still works. People used to always use cash envelopes to control their monthly spending, but very few do in today’s card swiping culture.”
I first learned about the envelope system in 2005 from a couple from my church who were successful business owners. I later completed Financial Peace University with my wife where we learned even more about the power of paying cash versus using a card.
Use the envelope system for items that tend to bust your budget. Common examples include groceries, restaurants, entertainment, gasoline, and clothing.
You don’t have to save up any money to start using the envelope system. It works like this: Let’s say you’ve budgeted $500 a month for groceries. When you receive your first paycheck of the month, withdraw $250 from the bank and put the cash in an envelope. On that envelope, write “Groceries.” When you receive your second paycheck, do the same thing again, and put that $250 in the envelope. That’s your $500 for the month for food.
No money—and we mean no money—comes out of the Groceries envelope except to pay for food at the store. If you go food shopping and leave the envelope at home by mistake, turn the car around. Make sure you take enough money to cover your groceries for that trip. If you take $150 and your total comes to $160, take some things out of the cart. Put any change back in the envelope.
When your money is gone, it’s gone! If you want to go to the store but don’t have enough money, then raid the fridge for leftovers. This is a great way to keep yourself accountable for your spending.
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So What Is the Envelope System?
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| dave ramsey envelope system |
Glad you asked. It’s a simple and effective way to budget by using envelopes to organize your cash. The envelope system has no doubt been popularized by financial expert, Dave Ramsey, but he will be the first to let you know he didn’t invent it. Dave says, “I found out that Grandma’s way to handle money still works. People used to always use cash envelopes to control their monthly spending, but very few do in today’s card swiping culture.”
I first learned about the envelope system in 2005 from a couple from my church who were successful business owners. I later completed Financial Peace University with my wife where we learned even more about the power of paying cash versus using a card.
How the Envelope System Works
Use the envelope system for items that tend to bust your budget. Common examples include groceries, restaurants, entertainment, gasoline, and clothing.
You don’t have to save up any money to start using the envelope system. It works like this: Let’s say you’ve budgeted $500 a month for groceries. When you receive your first paycheck of the month, withdraw $250 from the bank and put the cash in an envelope. On that envelope, write “Groceries.” When you receive your second paycheck, do the same thing again, and put that $250 in the envelope. That’s your $500 for the month for food.
No money—and we mean no money—comes out of the Groceries envelope except to pay for food at the store. If you go food shopping and leave the envelope at home by mistake, turn the car around. Make sure you take enough money to cover your groceries for that trip. If you take $150 and your total comes to $160, take some things out of the cart. Put any change back in the envelope.
When your money is gone, it’s gone! If you want to go to the store but don’t have enough money, then raid the fridge for leftovers. This is a great way to keep yourself accountable for your spending.
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| dave ramsey envelope system |