{ "media_type": "text", "post_content": "Came across the concept of “cash envelope stuffing” on youtube. Seems like a pretty good concept to avoid overspending on each category of expenses.\nI am trying to get some ideas to incorporate this concept using multiple bank accounts/ cards. Where I allocate a set budgeted amount of money each month, to each bank account tagged for a specific category (groceries, vacation, emergency fund, etc). Is this something you have tried or have any ideas on how to go about it? Do you recommend this?", "post_id": "60fc501aeb144200241a7acb", "reply_count": 15, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Came across the concept of “cash envelope stuffing” on youtube. Seems like a pretty good concept to avoid overspending on each category of expenses. I am trying to get some ideas to incorporate this concept using multiple bank accounts/ cards. Where I allocate a set budgeted amount of money each month, to each bank account tagged for a specific category (groceries, vacation, emergency fund, etc). Is this something you have tried or have any ideas on how to go about it? Do you recommend this?

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Better to use YNAB so you can do it online instead of actually withdrawing money and using paper envelopes.

likehelpful

Seems like a waste of time and effort and is just mental accounting

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Maybe if I was in a real financial mess, but seems like more effort than it’s worth. I know what my fixed expenses are per month so already know how much ‘fun’ money I have to spend on veritable expenses. Once i am near that amount I cut way down and almost never go over it unless there is a real reason. Also, my variable expenses change month to month so i don’t understand the point in having such rigid breakdowns. One month I might need clothes to go back to work, the next maybe I have friends in town and go out to eat more. I don’t care how I spend my fun money as long as I’m within my limit.

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YOLO

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I have tried tracking expenses and budgeting quite rigidly but it’s a mess. Too hard to keep a track, especially if you have office expenses out of your accounts. Plus don’t you use credit cards which would make the bank account idea invalid As mentioned above have a good idea of fixed and variable expenses, have a savings target each month and then worry about the rest Not saying it’s not worth tracking but extra levels of detail is a lot of work for marginal returns

likehelpful

I like multiple credit cards for stuff. I use one for just restaurants, groceries, and plane tickets. One for retail and gas, and one for everything else/incidentals that don’t fit the aforementioned categories

helpful

The answer to your question is YNAB. You don’t need multiple bank accounts. I tried that briefly and it was far, far more trouble than it’s worth.

helpful

I have two active checking accounts that I do this with. I have one as my “fixed costs” so expenses like rent, any subscriptions (health or Apple Music), pet insurance, car payment, etc all hit that account automatically and I set a specific amount of my paycheck to be placed in that account each period through payroll. My other account is my every day account for food, shopping, etc. then of course saving accounts and the like are set up automatically

helpful

I also use Mint to help bifurcate the costs in the budgeting tool and then set everything up accordingly. It’s working great for me. It’s a lot of set up in the beginning but then you are all set!

helpful

I don’t know what that means but mint lets you budget and sends you alerts when you hit your limits

Sounds like YNAB with its proactive budgeting would be more suited to you than Mint

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Yes, I agree to what everyone has said so far. May be with cash this is something easier to do and maintain. But with credit cards and handling multiple bank accounts, it is too much trouble for what it is worth.

It’s not too much trouble. Doing this with paper cash is actually harder. Envelope stuffing is essentially just zero based budgeting, there are lots of apps that do this for bank accounts and credit cards. YNAB would be my recommendation - there is a learning curve but it’s worth it

helpful

Thanks everyone! I am going to give YNAB a try and hope that helps !! 😁

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