It has been a week since I implemented the cash envelopes. So far so good. A couple of observations I have are 1) kinda awkward carrying all the envelopes around 2) tracking expenditures is tricky. By the weekend, I had created a log for each envelope so I could keep track of how much was still in the envelope and how much I spent. Also, since I generally plan out my errands in advance, I took only that specific envelope with me. I just stuck the receipt in the envelope once I was done with the transaction. It made recording it so much easier.
There is a comfort in knowing that I have cash on hand. There is also a greater sense of accountability. I did find myself digging into one of the envelopes to pay for things that was not designated to be spent. Lesson learned. I can’t beat myself up about it, just adjust and move on.
Along with making the envelopes I also signed up for Manilla and Mint.com. Manilla is an online site that pulls all your bills (i.e. cell phone, cable, and subscriptions) and gives you one central location to pay all your online bills. It emails out reminders and keeps you alerted of any discrepancies in your bills. You tell it what accounts you have, give them your log in for that particular company and then when the bill is due, you can pay it at the Manilla site. Along with that, I added Mint.com. This site is for all my banking needs, plus keeping tract of my retirement and other assets.
Give it a try and let me know what you think