There are many budgeting techniques out there but today we're taking a look at the envelope system. It's an extra special episode as we have THE Allison Baggerly from Inspired Budget acting as co-host while Jen is on maternity leave! Allison and her family have actually used the envelope system for years and she brings a helpful perspective to this topic! Many of us have 'cut our teeth' in budgeting by using the envelope system and still more have fallen off the wagon - but let's talk about how might make this practical method work for us!
We're so excited to have Allison Baggerly, founder of Inspired Budget co-hosting with Jill while Jen is on maternity leave!
Allison is psyched about teaching women how to budget, making savings second nature, and paying off debt!
Check out Frugal Friends Episode 18 where we first introduced Allison on our show!
Sponsors:
Ebates: We love and use Ebates all the time so we wanted to give them a shout out. If you’ve never used it, Ebates is a shopping portal where you can get cash-back on purchases from your favorite stores. We use it for Groupon, Amazon, Walmart, travel sites and more. And, if you haven’t tried Ebates yet we’ve got a $10 welcome bonus for you on your first purchase of $25 or more when you sign up through frugalfriendspodcast.com/ebates
Starch Based Adhesives: You know the kind. There’s nothing quite like sending a letter and licking the rim of the envelope to seal that sucker up! We know they’ve come up with better solutions, and at the very least one could use a damp paper towel - but who doesn’t want the thrill of licking paper and the risk of a bleeding tongue? Starch based adhesives, the best way to get a free snack in the middle of a work day.
Notable Notes:
What the Internet has to say:
This article from Dave Ramsey breaks it down for us and explains what exactly the envelope system is and how it works!
What Allison + Jill have to say:
The envelope system is an excellent tool to help you stay on top of your budget and immediately alerts you when 'there's no more money to spend'!
We appreciated the "Common Questions" - and found there are solutions to any of the barriers we can identify and that this system is workable!
More from the Internet:
This article from Dough Roller plays devil's advocate and gives 7 reason why the envelope system is not a great idea. There are definitely some valid points, but also some arguments that have flexibility with solutions.
What Allison + Jill have to say:
BILL OF THE WEEK - Thank you for sharing your bill of the week with us! We always look forward to hearing these!
Lightning Round
How to make the envelope system work for you!
More from Allison on the topic HERE
Frugal Friends Book Club:
It’s July and we’re reading Mom and Dad we Need to Talk by Cameron Huddleston for book club!
See you next week!