Question

For those of you that use the envelope method for gas and groceries what do you actually put the money in? I can't imagine an envelope will fit in my husbands wallet. I don't think it is safe to leave in the car. What do you do?  

Answer 1

I have this notebook in which I keep a ledger, and the “envelopes” are money bookmarks in different places of the notebook between pages. So, all money in one place, but divided into "pockets". Need some - take, and write it into ledger

Answer 2

For gas we use the cc. I do all the shopping so I carry envelopes in my purse. The odd time my husband spend money without me with him he just puts it on the cc and hands me the receipt and I take it out of the appropriate envelope and transfer it to my “for next week” envelope

Comments

@cheshvan83 this is similar to what we did when we used the envelope system as well.  

Answer 3

We’re huge fans of Every Dollar. You need to have your CC through your bank for it to pick up those transactions I think but if you want to stick closer to the spirit of the envelope system you should be using debit cards anyways. We’re fans of miles so we obviously don’t stick to debit cards, but the one time Dave Ramsey disciple in me needed to throw that in.  

Comments

@iconostasis23 I’ve looked at EveryDollar but never used it. Still using Mint. Have you used Mint before? Do you have any comparison feedback and why you prefer EveryDollar?  

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Mint to me tried to do too many things, and I liked Personal Capital as a net worth tracking tool much better (as a bonus I can also use it as a long term cash flow measure). To me the monthly tactical piece (the budget) and the long term strategic piece (net worth and the full financial picture) work better when I keep them separate. I also liked the idea of actively deciding where my money is going to go every month because that’s where I want it to go as opposed to “this is how you have previously spent the money, just keep doing that” which was what Mint felt like.  

Answer 4

When I used the envelope system we kept it in a folder in a drawer in our kitchen. I kept a 20 for gas and a 20 for incidentals and documented what the last 20 was used for before grabbing the next. I haven’t done this in a long time.  

Answer 5

1. I've basically switched to the free version of every dollar. It's like virtual/electronic envelopes. I like to have my "pocket" money in cash bc dining out is where I most easily overspend so seeing the cash helps 2. I have the Dave Ramsey thing for the envelope system. It's like a fat checkbook size device with envelopes held together with a spiral binder. Fits fine in a purse or other bag. 3. I've seen images of a money binder someone got on amazon that looked fabulous. 4. When I started with the envelope system, I literally used envelopes. I took relevant envelopes with me when I left home instead of carrying all of them with me daily. It did result in me sometime ending up in a situation without the proper envelope on me though. The great news is there are many ways to implement this system! :)

Answer 6

I don’t use physical envelopes, but “virtual envelopes” tracked with Mint and funded using the budgeting system I created. Here is a video I did a while back showing how I use the envelope method with Mint:  
https://youtu.be/JVIlbP1kNW8

Answer 7

I’m surprised no one has mentioned YNAB. It essentially is the envelope system plus more, in a digital format. I love it. I use it to manage my main checking account.  
https://www.youneedabudget.com

Comments

It works really well connecting your checking and credit cards, so you can still take advantage of cc reward programs and still spend with a budget in mind, no matter what is funding your ‘envelopes. ’

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After waiting much to long due to the price of YNAB, I just started it this month and can already tell it’s worth every penny. I’m a manual entry person though. I like the having to log each transaction. it helps me not buy as much junk.