Question

Hey so I’m just starting off and I have some questions. Since I have no $ set aside for my envelope system (I’m starting it off slowly and hoping by next week I’ll have my envelopes with my cash) but where would I pull money from for stuff like Valentine’s Day cards/treats for my kids school? I know eventually I will have a “miscellaneous” envelope but right now I have nothing for these types of things and I am using my debit card. which is the one thing I wanted to avoid doing. What did you all do when you first started off? Did you put a lump sum in a miscellaneous envelope to start and then build up consistently? Also- when you take cash out for your envelopes, do you take it out on a Sunday? Or pay day? I’m sure it varies but just wondering. My hubby gets paid on Wednesdays so I’m thinking either take it out on that day for the following week. Or do you find it’s easier to do it on Sundays? Thanks!  

Answer 1

Since you are just starting off and using your debit card for valentines make sure you go to the store with a list and stick to it so your not overspending. I have a holiday sinking funds envelope that I put money into for all school holiday party’s and decor I want to buy for holidays. Christmas I keep in a seperate envelope since it’s way more money. I get paid every other Wednesday so I pull out that next day to fill my envelopes. I hope this helps you get started!  

Answer 2

You won't be able to create a sinking fund for Valentines 2020 but you would be able to for February 2021. Decide how much you want to spend (for example $100) and then how many paydays are between now and then (let's say 25 to make it easy, if you're paid twice a month) and then you just do the math. In this case it's $100 divided by 25 paydays and you would put aside $2/paycheck.