I get cash back on all cc purchases and pay them in full each month online through my bank along with all my other bills. I’m trying to determine how the envelope system would benefit me?
I use Factor for dinner to avoid take out after a long day, and I want to envelope breakfast and lunch. But how would I envelope if I use doordash for groceries sometimes? I get really severe anxiety some days What if I never leave the house lol
The American education system is too busy stressing the kids and teachers with acing their mandated standardized tests that don't help kids pass the ACT nor SAT. smh
@Travys Dizol what happens when the parents where never taught. Parents can teach values, but even that is not taught by parents in a broken home. If schools can't teach basic stuff like financial responsibility at the most basic levels or actual skills to be a productive member of society, then what is the point of the education system?
I learned about personal finances reading books on house keeping and being a woman. (Beauty , housekeeping and finance ... old books like 60s nd 70s). And my parents explaining why I could not get this or that. Giving me an allowance for all my expenses (except food and transportation) if I wanted something I would have to save... it was about 10usd a month. So parents and curiosity. School should teach you the maths you need from elementary school
@@victorialafrange5112 I guess that goes back to how people are exposed to financial responsibility. My parents had no financial education other than to work hard and have no debt. They were poor so they didn't fall into the temptation of commercialism. Literally eat beans and rice. I was lucky to come across financial education in my 20s. There are millions who are not exposed to financial responsibility. Blaming the parents for this is an excuse for the failing education system. Why is it so hard to have one class in high school (just one) that teaches the things from Financial Peace University?
@Travys Dizol when kids spend 7 hours of the working day, 5 days a week, in a system designed to prepare them for the future, then parents expect that they will at least learn common sense finance. It's silly to expect it all to fall on the parents
I love the envelope system. I first learned that with Rich Dad poor Dad. I wish my wife was on board, she's not and is hard when one has read your book and the other hasn't.
Yeah then you just get your money back in 2 weeks from your bank after you file a claim. Your card information that was on your card you used at Walmart or home depot got sold to the highest bidding russian company recently and they have full access to your accounts attached to that card. If you ever used your card at any major store the information has been taken and sold. Skimmers are not the real problem. Your private information is not actually private anymore. If you keep less than the FDIC insurable rate ($250,000) in your checking account, which I assume you don't leave a quarter million sitting in your checking account, you don't have anything to worry about.
@@akui88 it'll vary with the bank. However 6 weeks and you got your money back in full. No out of pocket cost to you. Still, not worth giving up the convenience of a debit card. You're more likely to total your car than get your card info stolen at a gas station pump. Doesn't mean you're gonna ride the bus everywhere you go.
I just treat all purchases as cash In the budget regardless of how it's been paid. The only envelope type system I have is for annual expenses and things I'm saving up for, but for that it all goes into a saving account and I keep it divided up on paper
You should already have a good ball park idea of how much you spend on groceries. For example if you usually pay with a debit card and shop at idk Albertsons, you should be able to go back in your bank records and see how often you see Albertsons listed and calculate about how much weekly/monthly you spend If not then I suggest making making a menu, shopping for the week each week and try to keep in a set amount. Think of it as a challenge if you will
Instead of paying at the pump, find a station that allows pumping first. Same convenience, but you still get to use use cash. Sheetz for example allows anyone with a "My Sheetz Card" to pump first (assuming you always pay).
99codemister most gas stations (at least here in Canada) are required to have the customer pay first to avoid Gas n Dash scams. Although nothing stops you from just going into the gas station and putting X dollars down on your pump with cash.
I wouldn't touch the gas pump with the debit card. I still go cash at the gas pump so skimmers won't steal the card info. Even if it gets reported and fixed tight away, it still wastes my time and energy replacing the card and fixing the theft.
How to get started: get the book : the total money make over and read it. Or sign up for the course. Or check how much your income is, take a look at your expenses and your debts. Make a budget. ( every dollar app is a good start there are also simple budget on dave Ramsey's website). There you have 3 ways to get started
BK_Deltor the 40 hour work week started in 1926 and people still do it lol if it works it works. I do feel like we could use an online system to transfer all funds into a digital envelope system for more of a modern feel.
Um, you dont use the envelope system for autopay. our envelopes have groceries, medical (copay, medicine,) , clothing, car (oil changes, repairs), vet care, home (cleaning supplies, lawncare, repair stuff), date night, ..... we do have water bill in there bc we pay that in cash, in person.
@@codeman99-dev i have an hra so scripts are covered but over the counter meds arent (. every once in awhile though my copays are asked for up front and i just refunded/reimbursed by my plan). ☺
I use Excel to manage my envelopes and as a balance sheet. I already have envelopes for about 12 categories and match my actuals against that monthly. I use it to track every dollar but also help me keep focus on my monthly envelopes. I have not bounced a check in 11 years and end up saving about $1,000 per month on average and thus have a growing savings. I have my emergency fund topped off, I have 5 months of living expenses saved (and growing), I have a savings for my daughters wedding (she is 7 now but I started this savings 8 months ago to use when she wed’s when she is 50 😂), I contribute to an IRA and already have term life insurance going. It is all possible thru discipline and working towards a better future. And excel of course.
I get cash back on all cc purchases and pay them in full each month online through my bank along with all my other bills.
I’m trying to determine how the envelope system would benefit me?
I use Factor for dinner to avoid take out after a long day, and I want to envelope breakfast and lunch.
But how would I envelope if I use doordash for groceries sometimes? I get really severe anxiety some days
What if I never leave the house lol
It is sad, you learn more about money in Financial Peace University compared to 12 years in the education system.🙁😠🤬
The American education system is too busy stressing the kids and teachers with acing their mandated standardized tests that don't help kids pass the ACT nor SAT. smh
@Travys Dizol what happens when the parents where never taught. Parents can teach values, but even that is not taught by parents in a broken home. If schools can't teach basic stuff like financial responsibility at the most basic levels or actual skills to be a productive member of society, then what is the point of the education system?
I learned about personal finances reading books on house keeping and being a woman. (Beauty , housekeeping and finance ... old books like 60s nd 70s). And my parents explaining why I could not get this or that. Giving me an allowance for all my expenses (except food and transportation) if I wanted something I would have to save... it was about 10usd a month. So parents and curiosity. School should teach you the maths you need from elementary school
@@victorialafrange5112 I guess that goes back to how people are exposed to financial responsibility. My parents had no financial education other than to work hard and have no debt. They were poor so they didn't fall into the temptation of commercialism. Literally eat beans and rice. I was lucky to come across financial education in my 20s. There are millions who are not exposed to financial responsibility. Blaming the parents for this is an excuse for the failing education system. Why is it so hard to have one class in high school (just one) that teaches the things from Financial Peace University?
@Travys Dizol when kids spend 7 hours of the working day, 5 days a week, in a system designed to prepare them for the future, then parents expect that they will at least learn common sense finance. It's silly to expect it all to fall on the parents
I love the envelope system. I first learned that with Rich Dad poor Dad. I wish my wife was on board, she's not and is hard when one has read your book and the other hasn't.
There's no limit to the amount of checking accounts you can have
Dave trying to hide a huge YAWN 00:28 😂
Lucas West
Or a sneeze. 😂
Using cash for gas saves you 10 cents a gallon some of the time. Save the gas station credit card charges and save yourself.
i would NOT use debit cards at the pump, too many skimmers are being placed at the pump.
thieves are getting high tech!
Yeah then you just get your money back in 2 weeks from your bank after you file a claim. Your card information that was on your card you used at Walmart or home depot got sold to the highest bidding russian company recently and they have full access to your accounts attached to that card. If you ever used your card at any major store the information has been taken and sold. Skimmers are not the real problem. Your private information is not actually private anymore. If you keep less than the FDIC insurable rate ($250,000) in your checking account, which I assume you don't leave a quarter million sitting in your checking account, you don't have anything to worry about.
@@matthewr2361 lol, 2 weeks, i once reported fraud to my bank, it took like 4 phone calls and like 6 weeks till I got my money back.
akui88 has
@@akui88 it'll vary with the bank. However 6 weeks and you got your money back in full. No out of pocket cost to you. Still, not worth giving up the convenience of a debit card. You're more likely to total your car than get your card info stolen at a gas station pump. Doesn't mean you're gonna ride the bus everywhere you go.
Splitting restaurant and grocery budgets works so so well!
I just treat all purchases as cash In the budget regardless of how it's been paid. The only envelope type system I have is for annual expenses and things I'm saving up for, but for that it all goes into a saving account and I keep it divided up on paper
I just use the Every Dollar app as my digital envelope system.
Sounds nice... Lol mine is on paper, I wish it was available in Canada... Have been whining about it all day lol.
@JustA the only thing that matters is your doing something. 👍🏻
@@jvyeknom - agreed. 👍
Thank you for the financial gold nuggets! I didn't know of the envelope system until this video. I'll start doing this.
What happens if someone doesn’t put enough money in the food envelope, do they go hungry?
You should already have a good ball park idea of how much you spend on groceries.
For example if you usually pay with a debit card and shop at idk Albertsons, you should be able to go back in your bank records and see how often you see Albertsons listed and calculate about how much weekly/monthly you spend
If not then I suggest making making a menu, shopping for the week each week and try to keep in a set amount. Think of it as a challenge if you will
Yea.. I thought the envelope system was ONLY used for groceries and extra expenses out of the house.
I guess she is just now finding out
Just about everything
Instead of paying at the pump, find a station that allows pumping first. Same convenience, but you still get to use use cash.
Sheetz for example allows anyone with a "My Sheetz Card" to pump first (assuming you always pay).
99codemister most gas stations (at least here in Canada) are required to have the customer pay first to avoid Gas n Dash scams. Although nothing stops you from just going into the gas station and putting X dollars down on your pump with cash.
I wouldn't touch the gas pump with the debit card. I still go cash at the gas pump so skimmers won't steal the card info. Even if it gets reported and fixed tight away, it still wastes my time and energy replacing the card and fixing the theft.
Can someone please make it available in Australia.
I still use a envelope for gas. I have one for groceries, pet care, and clothes too.
Just use Simple bank budgeting. It's a digital version of envelope budgeting.
I refuse to pay for gas pump it spills over. When you pay a dollar it stop before over flows.
I need help getting started on everything
How to get started: get the book : the total money make over and read it. Or sign up for the course. Or check how much your income is, take a look at your expenses and your debts. Make a budget. ( every dollar app is a good start there are also simple budget on dave Ramsey's website). There you have 3 ways to get started
We still use a envelope for our gas.
Me too
@@RPE-Official relax ....
Be petty somewhere else
Good looking out Brandon! 👍
Yep! Same here
She almost lost the free class by saying she is going to sign up. Should've said she can't afford it.
it's 2019... Managing money like its 1999.
BK_Deltor the 40 hour work week started in 1926 and people still do it lol if it works it works. I do feel like we could use an online system to transfer all funds into a digital envelope system for more of a modern feel.
Lol.. again with the every dollar app... Keep your little sibling to the north in mind 😉
Don't use debit cards
Um, you dont use the envelope system for autopay.
our envelopes have groceries, medical (copay, medicine,) , clothing, car (oil changes, repairs), vet care, home (cleaning supplies, lawncare, repair stuff), date night, .....
we do have water bill in there bc we pay that in cash, in person.
Copay & medicine? Is FSA not an option?
@@codeman99-dev i have an hra so scripts are covered but over the counter meds arent (. every once in awhile though my copays are asked for up front and i just refunded/reimbursed by my plan). ☺
I use Excel to manage my envelopes and as a balance sheet. I already have envelopes for about 12 categories and match my actuals against that monthly. I use it to track every dollar but also help me keep focus on my monthly envelopes. I have not bounced a check in 11 years and end up saving about $1,000 per month on average and thus have a growing savings. I have my emergency fund topped off, I have 5 months of living expenses saved (and growing), I have a savings for my daughters wedding (she is 7 now but I started this savings 8 months ago to use when she wed’s when she is 50 😂), I contribute to an IRA and already have term life insurance going. It is all possible thru discipline and working towards a better future. And excel of course.
Why are all Americans that call in to Dave in student loan and medical debt?
Because the medical ( where they have a 1,000% markup) and educational INDUSTRIES in Amurica are TOO Expensive, perhaps?!
Is everyone calling in poor.?
Yep
This is why financial education is a must
Yes that’s why we need Dave’s plan
BIG PICKLE
Need To Earn Some Extra Income Without Working A Second Job?
This video wasn’t really helpful at all.
Rice and beans saving system
Your plan is getting so “lax” like it use to be black and white but now your like well yes but yes but yes!!