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Giving up on the envelope system?

April 14th, 2011 at 04:38 pm

I've been trying really hard to stick to the envelope system and am having troubles with it working for me. I think I'm going to quit using it except for certain things, car maintance, clothes, babysitting, going out, but for things like eating out, misc, groceries etc I think I'm going to use debt. I'll still set my limits and write down what I spend but its starting to be a pain splitting up the money trying to split a 20 into 5s so I can fill an envelope. I don't have time to get into the bank to get the proper bills, hopefully this doesn't completely ruin my efferts and send me back into crazy spending! But its just getting a little to easy to spend those twenties, I'm homing it'll be easier to say no to swiping the debit card. Has anyone else tried and given up on the envelope system?

Posted in Budgeting, Personal Finance | 4 Comments »

4 Responses to “Giving up on the envelope system?”

  1. rachel021406 Says:
    April 14th, 2011 at 06:29 pm 1302805774
    1302805774

    I'm trying to stay WITH the envelope/jar system. It isn't the most convenient but I feel like it makes me more accountable and more aware. For me the debit card is just too easy. I still have mine, and I still use it, but I am slowly trying to get down to all cash. Good luck!

  2. Ima saver Says:
    April 14th, 2011 at 08:25 pm 1302812750
    1302812750

    I have been using the envelope system for 46 years and I really love it. I have never owned a debit card.

  3. CB in the City Says:
    April 14th, 2011 at 09:31 pm 1302816662
    1302816662

    If it makes you feel any better, the envelope system never worked for me either. I put everything on my credit card and pay it off every month. I also track my spending on a spreadsheet. Works for me! But it wouldn't work if I weren't disciplined.

  4. Petunia 100 Says:
    April 14th, 2011 at 10:04 pm 1302818682
    1302818682

    You could try setting up multiple savings accounts at an on-line bank such as ING or Ally. You can name each account anything you please, fund them each payday, then transfer money back as you need to spend from them. When you log on to your account, they all show up on a single page (at both ING and Ally, unsure about other on-line banks) with your balance displayed.

    Just a suggestion.

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