MY NEW CASH BUDGET | Setting up my cash envelopes wallet 💸 to control my spending (total beginner!)
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- เผยแพร่เมื่อ 10 ต.ค. 2022
- thanks for watching ✨ ALL $ AMOUNTS ARE IN CANADIAN DOLLARS!
Hi everyone 💖 In this video we talk about the cash envelopes method of budgeting (and controlling your spending!) and get all set up. We talk about why I'm switching to this method, my personal finance and spending history, the exact amounts I'm putting into each category, and then we head to the bank and stuff the envelopes! It's my first time trying it and I have very high hopes and motivation. I've been wanting to try this method for years but have always made excuse after excuse, but it's finally time to start! Want to join me? I hope this video inspires you to try!!
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✨ About me: ✨
Hi, I’m Zoe! (Pronounced like Zoey) I’m a 26 year old from Montreal making videos about my REAL life. After quitting my management consulting "dream job", then being laid off from a startup job, I decided to take a chance and work for myself. I'm now mainly focused on TH-cam (my absolute passion) and side-hustle contracts in the copywriting and admin fields.
My videos centre around work, gentle productivity, mental health & personal wellness, with a touch of fashion, tech, and whatever else I'm living. My goal is to be open & honest ALWAYS and for my channel to be a fun, inspiring place where we can set goals and live our best lives together. I would love for you to subscribe 💝
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cash envelopes, cash budgeting, personal finance, cash envelopes canada, cash envelope stuffing, dave ramsey cash envelopes, prepaid credit card, controlling your spending, my first budget, personal finance for beginners, personal finance canada, debt repayment, increase savings, decrease spending, mindful personal finance, easy budgeting, stress free finances, stress free budgeting - แนวปฏิบัติและการใช้ชีวิต
THANKS FOR WATCHING ✨💸 Have you ever or would you ever try cash envelopes? let me know in the comments! ⬇
Cash envelopes are amazing!! Welcome to the community!! Let me know if you want cute envies ♥
YESSS!!! Welcome to the cash budgeting community 😭when I tell you this method literally saved me last year. It wasn't until recently I started doing it again and posting videos about my weekly cash stuffing. Also, it's so fun to literally watch your money grow. I can't wait to see your journey because I LIVE for your finance videos!
Thank you!!! 💖 So cool that you do it every week, maybe I will have to try that.
@@ZoePritchard yes!!! I’m still figuring out the best method for my family so that my daughter’s father and I can feel like we’re equally contributing but still have our own money too. Do you have any specific tips on how to go about a joint income?
I have been doing cash stuffing for a year & it keeps me on track. I got out of credit card debt using this system. And it’s fun to stuff envelopes with cash. Now I’m doing saving challenges & have saved a nice amount in 10 months.
I have been using the cash budget system for around 7 months now and it has totally changed my perspective about money. I had a lot of financial anxiety and this method has kind of helped me tone it down. I now think I have more control over money and even with such a little amount i manage to save little by little for the things I need/want. I hope it works for you
Wow that is amazing!! That's exactly what I'm hoping to get out of it! x
i’ve been doing this system for about 2 years and another tip is if you have a credit card that has great perks (like a travel credit card), put every single purchase on there and use the cash from your envelopes to pay it off every week or month. still keeping in mind the amounts but getting those cc perks
Don't forget to have a small water/fire proof safe to keep your cash in at home! You wouldn't want a home disaster to wipe out your cash flow. KEEP UP THE HARD WORK!!! You deserve all the best!
For places that don’t take cash, I always keep a buffer in my checking account so I can use my card and reimburse myself with my cash later. I did this religiously and now I just do sinking funds not my everyday spending. Love it!
yess good idea!! love to hear that this worked for you 😍 im so excited!
I do a form of cash envelopes for sinking funds, I keep all the cash in my savings account (one for each category) but I love the stuffing part and having the envelopes and seeing my “money” grow so so use prop money to cash them and I don’t have to worry about having a lot of cash on hand.
Hey Zoe! love that you're trying a new method :) You made a good point about carrying that much cash all at once... it might be better to further divide your monthly amounts into weeks and only carry the weekly amount for each category. It would truly suck if it got lost or stolen!!! Best of luck with your new budget x
Yesss you are so right!! Thank you 💖💖
My family used the cash envelope system for a few years when we were really struggling. I stopped during quarantine. Thanks for giving me my own sign to get back on track! So excited for your new adventure! You got this!
Such a good system! Thanks for sharing Zoe!!!
You've inspired me! I bought my little binder and envelopes and I'm so motivated to get started. I made a budget today and it was tough but I'm sure I'll be able to adjust along the way just like you mentioned :)
Just watched your last cash stuffing video and It's so awesome to see how much you actually love this now! :-) You're one of the people that inspired me to partially cash stuff as well. I stuff about 20% of my variable spending and it causes me to not spend it as much. Lots of carry over and at the end of the month what I have left I put into extra savings. Look how far you've progressed not only with budgeting and cash stuffing, but also in your partnership with The Line! So happy for you!
hiii! so crazy eh? i never knew i would love it this much, but this video started it all!
Can’t wait to come back and watch later. I have like 7 videos to watch! I’ve been saving them up for a me day/ to relieve some anxiety. I’m bad I took my card off off file for my student loans and have to call them back today 😭 your videos always give me peace with my finances. Love watching your success “ mess ups” and learning moments. Thank you Zoe!
I love this method! It was instrumental in me getting out of £38k debt in less than a year!!! Love this video and new subscriber here 🙂
I love the consistency of the budget videos. Thank you so much.☺️
💖
YAY FINALLY! This will be a fun and on going journey!
can't wait to see how this goes!! it'd be interesting to hear your thoughts on the different budgeting methods you've tried and how they worked for you (i.e. prepaid card vs cash envelopes, etc.)
Yessss great idea, thank you!! 💖
Just started this method out! It’s been going good so far! 😊
So enjoyed this video! Just ordered the cash envelope binder cannot wait to get started. Love your tips on making a fun welcoming environment. You rock!
thank you so much!! 💖💖 i hope you like it!
some people will still pay vendors with card but then pay themselves back with the cash from the envelopes. might be a good idea to try sometimes, especially places that may not take cash or online shopping, and keep building points and collecting credit
Yess good idea!
this was soooooo helpful and inspiring thank you!!! :D
so excited to see how it goes! it definitely controlled my spending i can’t keep any money in my card now because of the spending i did before
This is sooooo exciting!!! Love this for you!! ❤
love you ❤️❤️
OMG I’ve been wanting to get into this but haven’t found the push to!! Zoe!! Seeing you do it made me officially take that leap!❤
AMAZING!! we can do it together 😍 keep me posted on how it goes
Loving your videos as I'm on my financial journey right now. Setting the vibe with candles is such a good idea!
yesss it actually helps so much!! wish you all the best on your journey 💖
Welcome to the community!!! New subscriber from London xx
I just bought my cash envelope binder because of you! I am so inspired to use cash and hopefully save money. Thank you!
OMG yay!! So exciting I hope you enjoy the system
Ok!!! I love this! I think I’ll be starting this from my next paycheque ❤
yayy! that’s amazing, let me know how it goes 💖
Just starting the video, but glad you’re trying out different methods to see what suits you! But, ultimately, a budget will go a long way to curb unplanned purchases. I think you’ve mentioned that
I just started with this method. It has been great
Ohhhh I’ve been wanting to try the cash envelope system for so long now. I think I will now 🤞💕✨
yesss! so far it’s amazing, i really like it 😍😍😍
Im so happy that you’re doing this! I just started this summer. It’s kind of addictive, so I stuff my envelopes every week. Any money left over, I put towards saving challenges or sinking funds. The first month was a bit hard because it’s a lot of money upfront but after some adjustment, it’s nice to see your sinking funds build and you feel more comfortable with your budget. Wishing you the best and stick with it! PS totally agree with the other comments, maybe carry with you only the week’s cash. I have a second binder that I keep at home for sinking funds and the money for the next weeks in the month
I feel you on the addictive nature!! I love the idea of having a second binder... at the end of this month I'll assess and probably get another one so I can carry less $$ like you said 🙈
Hey Zoe...a new sub here from Canada as well...love finding another Canadian cash budgeter so exciting!! (TH-cam suggested you) I just started my channel and cash envelopes!!
I really enjoy the vibe of your videos, and your “wise beyond your years” personality. ☺️ I am just two weeks into my cash stuffing journey, but agree it is VERY satisfying. The only tip I might offer you if you haven’t begun doing this already, is to only carry the envelopes you expect to use that day. Leave the others safe at home. 👍 Good luck! Keep up the good work.
My first time watching instantly subscribed!
yay! thank you so much 💖
I’m glad you’re still wearing the egg sweater… I remember being blown away at the money you spent on it lol
Looking forward to seeing how it goes! If it helps your monthly takeout budget is almost my weekly budget 😅 we do what works for us! Lol
Welcome to the cash stuffing world! 🥰
This is a pretty good idea! When I get back home I will try my hand at withdrawing a set amount of cash a month and not exceeding it. Hopefully.
you can do it!!
Yay for cash envelope budgeting system. I've been doing this since the start of the year, and it's helping me categorize all my upcoming expenses and it's easier to budget for me too. Although I'm doing half cash envelope and half with digital budgeting system, since there are still cases wherein I need to purchase things online.
that’s amazing!! 😍 im definitely going to need to figure out a solution for online…
i absolutely love your channel! 🤍
Oh my gosh, my best friend and I just one of these! So excited to see how this works with you! 🥰
Amazing!!!! 💖
Best explanation ever about this topic. 🌬️
thank youu!!
I’m a digital envelope user (YNAB). I’ve finally stopped the credit card float. I only spend on my credit/debit card when I have money in the “envelope.” I only look at bank account balances when I’m reconciling to ensure my budget is still good. Otherwise, I look at my budget to see if I have money before spending. I add all transactions to YNAB so I know how much a have remaining…always.
I couldn’t be a cash person since that takes another level of dedication that I don’t have. I gotta hand it to those folks. Also, I can’t carry that cash wallet to lose it. I’ve saw a video where someone misplaced their wallet with cash envelopes and lost $500+. 😮
Meeee Toooo!! ❤ YNAB has changed my life! I have paid off over $19,000 of old credit card debt that was way past collections and had judgements against me all because of YNAB and only spending what was in my checking account. YNABer for life!
That front little section could be great for coupons and/or gift cards. I love this folio and am very tempted to try this method.
yes true!! your comment actually just gave me the idea to print out my $$ goals tracker and keep one in there for inspo too 👀🙈
I miss cash stuffing 😭 Hoping to get back to it soon! It keeps me accountable and on track for sure!
amazing 😍
I can relate to ALL of this!
Yay! The return of the cute egg sweater ♥
hehe 🍳 💖
I am newer to cash stuffing as well, I have been doing all but the envelope part for the past couple of months.. Basically, I just withdraw the money and put what I CAN use in a week into my wallet and the rest into a tupperware container to be sorted out for the next week.
Anyways, I wondered what your plan will be for any extra funds remaining at the end of the month? Like I said, I am new to it but what I THINK I am going to do is I am going to set up a second handful of envelopes for if I have anything remaining in any of my daily expense envelopes at the end of my pay period that way, I can have like a sinking funds system that will only be funded with money left over so things like an emergency fund, vet fund, vacation fund, new car/ car maintenance fund or even maybe a Christmas fund (any of which I can also add to if I ever get like a bonus from work or if I sell something that earns me a profit). I get paid next Jan 5 and my New Years Resolution is literally the cash stuffing system, Santa gave me a binder so I am pretty much ready to go! Good luck on your journey :)
I got some of my change in my black tea cup on my desk
Awesome video very informative 😊
Yea welcome to the cash envelopes life! If you find you are spending all your cash at once you can break this down further. Get another envelopes and use it to keep the bulk of your money at home and only carry your weekly amount in your Wallet. This gives you more control over your spending and gives you peace of mind since carrying all that cash at once is scary. Good luck!
You know it’s gonna be a good video when the egg sweater makes an appearance ;) 💕
hehee i think it’s gotta become the official money vid sweater 🙈😂
Τhis looks like an amazing method to have more control over finances! I've been trying to use cash more lately instead of my card. Let's see how it will go 😆 great video Zoe ✨️💕
hehe keep me posted!! 💖 xx
Yayy excited to watch this - here’s a comment for the algorithm ✨
thank you so much 😇😇
the custom cash envelopes are so cute 😍 loved the vlog style of this video - i wish i could do the cash envelope method but in the city i live in the US, a lot of places only accept card 🤔
Totally fair!! We are headed in that direction too, it's crazy!
It might be a pain but you could totally deposit the cash onto your card when you're ready to use it for whatever
Love Monet's Money! She's awesome!
I kind of use the envelopes. It helps me save for car maintenance and Christmas, etc. I use an app on my phone to keep track of money spent on groceries, that way I don't have so much cash around. I also get paid like 3 times a month
You can always budget monthly but share it over the 4 or 5 weeks so you're not taking out the full months money in case something does happen you haven't lost it all good luck x
Hi nice video trying the Cash Envelope Stuffing you did a great job. I will be starting the system in January 2023 wish me luck stay blessed.
good luck! i think you will love it, it’s helping me so much already :)
Also, you have great self control to stuff a month at once! I have to do it weekly because even if I put in 2 weeks' worth of expenses, I find I spend it before the end of the first week.
I find the opposite is happening, I'm being stingy because I don't want to get too dry by the end of the month 😂
@@ZoePritchard lmaooo omg if you keep it up you can go on a shopping spree at the end of the month 💁🏻♀️
I need that egg sweater really bad ☺
Canadian money looks so pretty
hehe its very plastic and colourful!
Great job on your video ❤🎃
Well, lessons in banking systems should be taught. In Canada, you choose your banking package, many are free. Credit is much more expensive, that interest….also, note that you have great protection for your money in Canada. Cute video, great to see people working on their finances.
Some people have mini envelopes A7 sized to keep in their purse for things such as groceries, gas etc to only take out the weekly allowance in their purse. So you’re not carrying so much money around.
I keep my binders home and put my weekly allowance (food, gas, misc) in my wallet if I don’t spend it all I put the left overs in my savings. If I eat out or go to get my nails done I just pull the money out that day.
I live in Ontario and I don't pay fees to use my debit card or my Visa debit card. The only time you may pay a fee is if you use a bank machine that is not in your network. Such as you bank with BMO but you use a CIBC bank machine to take out money. The only place I use a CC is for online purchases.
No way!! I get charged any time I go over like 7 transactions or something like that... because I don't want to pay for the unlimited account 🙈 When I was a student I had unlimited but they took it away when I graduated 😭
@@ZoePritchard I don't know if it's available in Quebec but Tangerine and Simplii both have fee free bank accounts with a free debit card attached. It was wild to me when I first moved to Canada that so much of your banking incurs fees!
Hi Stacey which bank do you use? I get charge and I live in Ontario. Thanks!
@@vanessaparra6137 I’m also in Ontario, I use Simplii! They used to be PC Financial if you’re familiar w that name, and they’re owned by CIBC so you can use their ATMs as well :)
@@abigailheynen4065 Thanks!!
hey Zoe, would you be willing to share that beautiful green spreadsheet with the bar graph and pie chart? Or is there a video where you spoke about it that I could refer to?
Yess! It's also from The Line, here is the link: thelineshop.ca/products/the-budget-tracker-spreadsheet?sca_ref=2570300.MXguXLc3wq (code ZOE10 will get you 10% off) 😇
Zoe, I do cash Envelopes once a month..I have 3 binders, one for my long term savings, , Christmas, Holidays ,Gifts, Travel , Vacation, Miscellaneous, Car tags, Car Maintenance, Emergancy fund, Entertainment,
I have one for high priority, like my Car Insurance, Health Insurance, Mortgage, Cell phone, Internet, trash, plowing, Etc.
If I have money left over in my grocery or gas envelope, I roll it over into the next month, that way I know I have extra grocery money, or gas in case I need it..I might stock up on stuff with that extra roll over money, for groceries..The other categories, if I have money left over I will put that money to debt..
I have a wallet that I use to carry, my cash envelopes for, groceries, gas, household, Pets Eating out, Self care, My self go into my wallet, for every day spending..
You can use cash dividers in your regular wallet, or order cash wallets, off Amazon. Zoe get a safe, if you don't want to carry all that money around with you..Divide your money into 4 weeks, put 3 weeks of money in your safe just carry that 1 week around with you..
Wow this is great!! Thank you 😍 & yes I've not been carrying that much cash around. It's waaay too much
MOST Defiantly took me a few months to even out my budget. The hardest part were determining my sinking funds and reign in the needs vs. the wants. I have to be realistic with what I was saving for...let's face it, I probably will not be able to afford putting in a pool AND reno-ing my kitchen this year! LOL Good luck and don't get discouraged!
Thank you so much!! 😍
The Dave Ramsay Method lol NO CREDIT CARDS, just budgeted Cash. Love this.
Where did you get your cardigan???
I know American banks have this but I would to see a big bank or prepaid card in Canada to have spending buckets/categories to better budget our money virtually!
agree!!
Sitting down to do my expenses today! Wish me luck. I'm facing my reality.... 😢
What camera are you using. You’re crystal clear
Where did you get the egg sweater from?
It was a girl on Instagram but I don't think she makes them anymore 😭 If you search "chunky knit sweater" on IG or etsy you may be able to find
You're like the Emma Chamberlain of money, so relatable 🥰
woaaaah best compliment ever!! Thank you 💖
Love that you're trying this method out. I've been using ynab for a little over a year, and I have loved it! I find the principle of it is very similar to the cash envelopes.
Agree! The principle is very similar, you are only budgeting money you actually have and the categories roll over if it isn't spent. If you go over in one category you have to make it up from another category. I also budget a month ahead in ynab so I don't allow myself to cover this month's over spending with my paycheck, I put that full paycheck in next month and have to cover it with an existing category.
The cash envelopes work SO well for me because I use them as sinking funds!
Amazing!!
I LOVE Monet Money!
So good!!
Canadian money is so much prettier than American. 😂❤ Great video!
I am just curious. Is it cheaper to take the metro than use your car?
it depends! if i would have to pay for parking (which is often the case downtown etc) then the metro is cheaper :)
Random question but are you guys printing new money since the Queen died or will you wait until Charles’s coronation? Canadian money is so colorful and pretty 😍
Great question!! From what I've heard we are not printing new money... My whole life it's been Queen E on the bills from younger to older they would update her portrait. It would be so weird to have a King on the bills haha
Nice video, new subscriber
I have been enjoying your channel. do you have subscriptions? like audible?
thank you! I have a spotify subscription and iCloud
What about an unexpected trip to the vet ? Or something goes wrong with your car or an appliance? Where does that money come from?
OMG I STARTED DOING THIS IN JUNE!!!!
amazing 😍😍 how do you like it??
@@ZoePritchard I really like it so far. It really shows me how many unplanned purchases I made prior to this system. I also like seeing the cash and knowing how much I can actually spend instead of blindly swiping my credit card.
@@YourRav love that!!
if it is a lot of cash to carry around, you can try stuffing your envelopes every week 😊
Would suck to forget the cash wallet at the grocery store or on the metro.
yess you're right!!
I forget how much total money is in there but for your safety when u go out maybe just take out one or two of the envelops that u know u need that day so you’re not carrying around a ton of cash! ☺️💕
thank you 💖💖💖 that’s what I’ve been doing!
have you discovered the Moterm wallets yet? 😁
Just looked them up and they are SO CUTE!
@@ZoePritchard Personally, I think they're better than the A6 (which is what you have), since A7 is smaller and more manageable.
I havent heard of this method but it looks super cool! My only concern is if you carry that much cash around and worrying about people seeing it and potentially being malicious. Hopefully that won't happen but just to be on the safe side if you're at the grocery shop or smth
I don't use this method but I know that some people who do don't carry all of their envelopes around with them. Especially the ones that she wouldn't end up needing randomly while she is out like Maggie and Business Expenses.
yess! that’s what i’ve been doing cuz I agree it’s too much to walk around with 🙈
get a little wallet for the coins!
Second
I feel like Dining Out, Coffee and Treat Yourself should all be one category. IMO spending $200 a month on coffee and restaurants is more than enough "treating yourself". Dividing up your discretionary categories too much can cause you not to realize how much you're spending on unnecessary stuff.
Hey consider getting fake money (hold the actual money in a seperate account) or only carry some wallets. Way too much cash to walk around with! :)
I liked the idea. But your highlighter on your nose is bothering the audience. Thanks.
Hi, I’m a 19 year old girl and am using cash envelopes and sinking funds for about 2,5 years ago.
I wanted to share my favourite youtubers: Intentional living, kayswallet, Jamie Johansson
Also if anyone has any questions about this system, I am happy to help🥰
this is awesome!!
Way to go Zoe, so excited to see how this works out for you!
Thank youu!! 💖