Cash Envelopes: You’ve Never Had So Much Money by Bonnie Lacy

Author:Bonnie Lacy
Language: eng
Format: epub
Publisher: Frosting on the Cake Productions

Three

Setting It Up

Now comes the big day! How does all this fit together and actually work?

Read on!

Pay Day—How Much In Each?

Okay. The check is on your table—whether it is actually there, or it has been auto-deposited into your account.

You have already figured out how much goes into each cash envelope. Now figure out how many twenty dollar bills, tens, fives, and ones you will need. You have to break it down, because when you go to the bank to get your cash, they need to know.

Say you need $250 for Food, $30 for Christmas, $100 for Fuel, $10 for Eating Out. (I know these are not all of what you’d need, but just for demonstration’s sake.)

You should get three one hundred dollar bills (two for Food, one for Fuel). How much do you still need for each envelope? Now figure out the twenties. You’ll need three of them—two to put toward Food and one for Christmas. What’s left? Tens—three (one to finish Food, one to fill out Christmas, and the one for Eating Out). A total of $390.

Yes, that takes a bit of time to figure out, but it helps to have it all done before you go to the bank. I write how many of each denomination I need on a Post-It note.

You could even break down the one hundred bills further into twenties, if you want. Whatever you are comfortable with.

Now. Time to go to the bank.

It’s a little humbling at first, to walk in with your paycheck and denomination list. They don’t ask … they just sweetly fill your request. You get used to it and so do they.

You deposit the paycheck, minus the $390 cash back for your cash envelopes. What stays in your account at the bank is for those bills that are easier to pay with checks, like I noted in a previous chapter. I pay the credit card by online from that account. Also, my haircuts, our car insurance, utilities, and a few other specifically budgeted expenses.

Then go right home and distribute the cash into the envelopes, according to how much you wrote on the outside of each envelope: $250 in the Food envelope, etc.

As the Clothing envelope fills, you might be needing a jacket for summer, or your underwear might be getting ragged. Now you can dip into that envelope. But, have a conscious plan, so you don’t run out and play. This is hard-core. No using the credit card.

When Dearly Beloved comes home and tells you he had an especially great day, you can celebrate because your Eating Out envelope is well stocked!

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