There are many systems from the past that have stood the test of time and have proven useful even in our modern days. One of those systems is using envelopes to budget your finances.
Our grandparents were pretty darn savvy with their money! Quite often they sorted their cash into envelopes on payday. When the envelope labeled “groceries” was empty everyone was thankful grandma knew how to stretch her ingredients. This method also encouraged saving for future expenses because the cash could be “put away” and not touched.
But what does this look like now that most of us have moved away from cash? We still need a way to treat our money as if it’s right in front of us. I still want to allocate my money for specific purposes, in fact, this is a top priority in my life and business. You all know that I LOVE Profit First but 9 million bank accounts?! Not so much.
In this week’s Profit for Joy TV episode, I’m talking about the benefits of an envelope system vs. multiple bank accounts.
- What is an envelope system?
- Why is it easier?
- What about interest?
- Why you might NOT want to use one!
We’d love to hear your thoughts!
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