finicity

Benefits of Envelope Budgeting - Part 2

There are great benefits from applying the envelope approach to monthly budgeting. What you may not expect is that the benefits are not only financial, but also emotional and relational.

Benefit #2: Reduction in spending waste. Because of the visibility that the envelopes system gives, you can easily find areas where you are “wasting” money. You may be thinking that you only spend $50 a month on eating out, but once you take a look at your actual spending, you can now see that you are spending $150. That’s the beauty of following the envelope system. Many of our Mvelopes users recover up to 10% of their income just by simply finding and eliminating the spending waste.

Today's tip brought to you by Mvelopes and Monday4Life Coaching.