Fridays are dedicated to Financial Matters. At the beginning of the year I decided to take the money horse by the reigns buckling down to pay off debt and save for retirement. Every Friday I share a part of what I learned and implemented, whether the outcome was positive or negative, and what I’ve learned.
My first step of taking financial control was to implement cash envelopes. This was one of the ideas on Dave Ramsey’s website.
I roughly put into place a budget using history from my bank account and implemented cash envelopes. I absolutely loved the cash envelope idea. I made envelopes out of scrapbook paper and labeled them with all the categories I was using with the amount of cash to go in every paycheck. The theory is that when the money in that envelope is gone, you’re done until the next pay day. I loved how this worked. At one point during the month (as I decided I would let it work for a full month before making changes), I was grateful that I had implemented a misc/emergency envelope as I knew I probably would not have captured all of the categories for spending. It did come in handy, something I had left out.
Check out the following templates to make your own envelopes:
You can be a fancy or as simple as you would like. Have fun!