Envelope Budgeting System

An envelope budgeting system is a simple, effective way to keep your finances in check. It involves assigning each of your expenses to its own “envelope”. You can think of it as having a separate bank account for each expense. All you need to do is set aside enough cash in each envelope for each expense. Once the money is gone, the spending stops! This makes it easy to stick to your budget and avoid overspending in any area. For example, if you have $50 in your entertainment envelope and $50 in your grocery envelope, once you spend all the money from either of those envelopes, there’s no more room to overspend.

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