Question

Hello!  I'm trying to find the best way to make the envelope system work for our family, so I just wanted to see if anyone does something similar/has better ideas.Hello! I'm trying to find the best way to make the envelope system work for our family, so I just wanted to see if anyone does something similar/has better ideas. Normally my husband's paycheck is deposit primarily into our savings account, with any left over going to a checking account with a different bank. Once the paycheck hits our savings, I move everything except for rent from savings to pay bills. However, I don't love this system and would like to come up with a simpler/cleaner one. Instead of moving the bill money from savings to checking, I'm considering setting all of our autopays (including rent now) to deduct from savings, and just moving our gas/spending money to checking and then doing an envelope system from there. Does anyone do something similar or have a better idea on how to make things cleaner?  

Answer 1

Yes! I do something similar. I am #TeamCashless lol So I have my paycheck directly deposited into one checking account. I use that checking account for all fixed expenses and transfer my budgeted amount for variable expenses to a different checking account. I also budget my savings and transfer savings amounts from the first fixed expenses account. I do not use cash envelopes. I do budget a cushion amount as well. #HappyBudgeting

Answer 2

My only concern about that would be the limit in the amount of withdrawals from a savings account. However, you could try it and see if you like your new system and see if it works for you!