For years every month I would put our monthly budget into an excel spreadsheet, but not always record our expenses in each category. I would try to keep a running total in my head.As you can imagine, it didn't work so well. It was difficult to follow a written budget when I was not consistently writing down our expenses.
A few years ago, a friend mentioned using a program called mvelopes. It is based on the envelopes system where you place cash in an envelope for each budgeted area. Instead of placing cash in an envelope, you electronically assign your budgeted amount to each envelope. Each day transactions are downloaded from your bank and credit card company. When the transactions are downloaded you can assign them to the correct envelope. You are able to track your spending and stay within your budget.
I love the mvelopes system! It is easy to use and helps us to maintain our budget each month. It takes just a few minutes each day to assign transactions to their envelopes and I can see exactly where I am with our budget. Using the mvelopes system was integral in helping us to become debt free.
I have two 90 day memberships to giveaway.
Do you follow a budget? If so, what makes it easy or what are the challenges?
* I was not paid to talk about mvelopes or given anything in exchange for this post. I love the system and wanted to share it with you. I received the 90 day memberships when I became lifetime members of mvelopes. I thought this was a great way to share them!
9 comments:
What a GREAT idea Kristen ! Please don't put me in the giveaway as I already subscribe to Mvelopes as well. I just wanted to say Mvelopes is wonderful. It is simple, functional and a great way to manage your finances!
We just started Financial Peace University at church and we're very excited to learn! budgeting has always seemed frustrating to me because of the things that don't really fit into a category or those unplanned for things that pop up. We already learned so much just from the first session about the emergency fund that takes care of those unplanned for things. Thanks for sharing your mvelopes
I also use mvelopes and LOVE it as well!
I love the idea that it all happens electronically! I too have struggled with the whole budget thing because of the constant need to write things down! I'll definitely have to look into this some more!!!! (I'd love to be in the giveaway 8^) Thanks!)
P.S. Missed you at MOMS Club! =)
That would help us so much! We are not the best around at budgeting, but have decided that we really need to buckle down and that sounds like something that would work really well for us.
How kind of you to give these away!!
We are 4 months into Dave's program and we currently track every penny in an excel spreadsheet. It's working very well but anything that would make it less manual would be a better way to go!
We dream of the day that we call into Dave's show and scream "WE'RE DEBT FREE".
We started the envelope system about a year and half ago. So far we've paid off over $15,000 in various expenses aside from daily living (and that doesn't include the actual cash we were able to use to adopt our daughter from Ethiopia).
I thought the word budget was a curse word until I actually tried it.
The mvelope system sounds like something that would help evolve our budget even more.
I'd love to get away from carrying around money everywhere I go but still organize it the same way.
Great blog! Found you through Pleated Poppy!
melodie
www.themonbergs.com
OK my friend, I still use the excel sheet as I'm too scared to pay for something I don't quite understand yet! You and Lance are an inspiration as we continue on our Dave journey too - almost have made it with Dave 3 complete years now (and still have 1 year to go before we can do the radio scream -yep - had way too much debt to pay off)! :)
Sounds like a great idea. We have struggled for the last couple years trying to find a budgeting tool to work for us. We have tried the cash option, but I struggle with cash. I spend cash to easily. We have been working on entering info in Microsoft Money, which helps tell us where it went, but does work as well with budgeting. Still on the hunt for a tool that is electronic (eliminating the cash) and easy to use.......
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