So since this money is just a "place holder" do you just leave all your cash in the bank and use the envelope system for tracking only? Or do you move the money in the bank around to another account? I tried looking at your past videos to see if you had one that explained your process with the place holder money but Didn't see any that might explain. Im so curious because because ive seen many cash stuffing videos but its always real cash.
Hey, thank you. I have envelopes where I use real cash when stuffing (like groceries, dine out, spending etc.) as those I use frequently and usually pay in cash. And then I have envelopes where I only use place holders are that money I don’t really spend that often and it’s better to keep it in my bank account (like my long term sinking funds binder is just place holders and no real cash as I almost never spend from there and it’s more for savings) In my bank account I have a separate savings account that accrues interest over time where I have transferred all the money that represents the place holder money in my envelopes. So by keeping it in the bank it’s more efficient as it gives me some interest and grows. I hope this made sense, if not I can do a more in debt video 🥰
So since this money is just a "place holder" do you just leave all your cash in the bank and use the envelope system for tracking only? Or do you move the money in the bank around to another account? I tried looking at your past videos to see if you had one that explained your process with the place holder money but Didn't see any that might explain. Im so curious because because ive seen many cash stuffing videos but its always real cash.
Hey, thank you. I have envelopes where I use real cash when stuffing (like groceries, dine out, spending etc.) as those I use frequently and usually pay in cash. And then I have envelopes where I only use place holders are that money I don’t really spend that often and it’s better to keep it in my bank account (like my long term sinking funds binder is just place holders and no real cash as I almost never spend from there and it’s more for savings) In my bank account I have a separate savings account that accrues interest over time where I have transferred all the money that represents the place holder money in my envelopes. So by keeping it in the bank it’s more efficient as it gives me some interest and grows. I hope this made sense, if not I can do a more in debt video 🥰
@@budgetwithjane thank you for explaining . Very helpful
So glad to have found your channel! Hello from Northern Ireland ☘️🥰
Thank you 🥰 welcome to the chanel❤️❤️
Hi Jane! For the difference on the emergency envelope, I think it should've been +35 instead of +65
Thank you 🥰🥰🥰
New subscriber ❤...
Welcome to the budgeting family🥰🥰