Reply to Anybody use the "envelope system"?

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[quote=Anonymous][quote=Anonymous]1) OP, how is your Financial Advisor compensated? Fee-only, I hope, otherwise they will eventually lead you down a merry path.  Check out http://www.napfa.org/ if you really need this kind of handholding.

2) Your problem is not eating out too much or that extra starbucks. Check out "All Your Worth"
http://www.getrichslowly.org/blog/2007/12/03/book-review-all-your-worth/

You probably need to change your fixed expenses percentage or make more money.

[b]All this time stuffing envelopes or tracking transactions in an app; [/b]could you use that time to pick up some more work or apply for a better job?[/quote]

I'm not OP, but I can't imagine it taking more than a few minutes each day to do this once the initial budget itself is set up. That's not enough time to look for a second job or work one.

I spent most of my 20s working 2-3 jobs in the thought that all I needed to fix my financial issues was to earn more money. At one point, I earned more per hour than I do now (albeit in contract work). It didn't fix my problems because I didn't budget. I grew up poor enough that you had to spend all you had just to survive. Then I was married to a man from an upper middle class family who had compulsive spending issues. After the divorce was the first time I'd ever made a budget. I am trying to teach my children good financial habits. The older one will work 30 hrs a week this year at college. She's never had that type of money before and won't have many expenses beyond her apartment and meals. I think that the envelopes will work for her,but she's a digital native who hates dealing with cash. That's why I asked last night about the prepaid credit cards.[/quote]

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