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The Envelope budget, thoughts?

Does anyone do this and find it successful? I have a few things in my budget that don't always come up but I'd like to put money aside for just incase (Vet bill, incidentals etc.) I have about zero self control when it comes to keeping money in a savings account so I thought I might give this a try until I develop some self discipline lol. Even if you have any other budget tips that would be great!


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Answers (5)

Read the book “The Barefoot Investor”. We did this, followed the rules (adjusted some to our circumstances) and saved thousands. There is even FB groups about it. It’s so easy and relatable, it’s based on Aussies.

 Yes did the envelope system but found it to be a pain with withdrawing cash because I live out of town. Barefoot is fantastic and has worked for us in changing habits but there is always room to improve
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 Barefoot has been life changing for me too. Just wish I had known what brilliant ways to assist in that organisation and self control over money years ago. The book is cheaper in BigW than bookshops, but its worth every cent even with the bookshop price.
helpful (1) 
 the Barefoot should be studied in school
helpful (1) 
 Barefoot in my house too. Adjust to your circumstances and away you go 🙂
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We have a joint savings account that can only be accessed for withdrawals by going in the branch. Works because I can never be bothered going in there 😂. We have set up automatic transfers to come out the same time our pays go in so we don't even notice it gone, just builds up slowly. If you add up all your bills for the year plus a 'rainy day' amount and divide the total into 52 then thats how much you should be transferring weekly.

If you cant have cash around without dipping into it, it doesnt work

I tried the envelope system but just found it a pain in the A.
You can call the bank and ask them to put a restriction on your account so the only way to withdraw or transfer the money is to go into the branch. It takes a lot more effort and gives you enough time to think twice... or three times 😉

We have an Excel spreadsheet for budgeting! It works mostly for us.