It can be hard to keep track of your monthly expenses while being busy with chores, work and spending time with family. But to help you handle your finances, you can get started on the envelope budgeting system, which can be a quick and easy way to stay on top of your monthly expenses.
This budgeting system will help you track how much money you have in your budget for each expense category every month. By allowing you to only spend a set amount each month, you will not only be able to save more money, but it will also help you think twice before making unnecessary purchases.
How to Envelope Budget:
- Create categories and a budget
Start by creating a different category for each expense, examples can be groceries, gas, rent and utilities and fun money. Then come up with a budget for each of these categories so you can make sure not to spend more than necessary.
- Allocate Funds
Now label the envelopes, and cash out your paycheck and divide them between each envelope according to the planned budget.
- Spend it Wisely
When it’s time to go to the grocery store, or get gas, you can either carry the envelope with your or take out the amount needed from the right envelope. But spend it wisely since once you have exhausted the funds for that envelope you won’t have any more money for that expense until the following month.
If you have leftover money at the end of the month, add it to the following month, or to your savings!
You can start getting control over your finances by using the free printable from Mint below. Print it out, cut, fold and glue it accosting to the directions.
-If you would like to include the other printables from this article here are the mockup images and download links: