Yep my pops taught me and my mom did this too and we wonder how our elders always had money stashed they didn't use banks they stashed their money themselves in a safe or underwear lmaooo
@Zeus So is my original comment (4 years ago). Stick to minding your own business like not worrying about what others are doing or not doing anymore. Do what works for you and leave it at that.
The envelopes work on many levels. The first and most obvious is that you can only spend what's in the envelope, if you stay true to the system. The second, and in my opinion the best reason, is that it makes you create a grocery list and you become mr. or ms. frugal in the store, calculator and all. And when you couple these things with the grocery store sale flyers that come in the mail every Wednesday in my neighborhood, you can really stretch your dollars.
I have been doing that for a year and it’s been of huge help . I do this for Christmas budget , birthday gifts , Mother’s Day , Father’s Day , and groceries . Works just fine
Actually, we have a separate account for using our debit cards and we only keep $500 max in it. There are no debit cards tied to our main banking account.
@lesolga77 I understand that you need to adjust your budget, but that does not address the problem of still having money left over in the envelopes. But after thinking about it further, it sounds as if you should put the leftovers in your bank then use it towards debt.
I am going to try and fit this to my way of paying bills and spending money. Has anyone made envelopes for items that are on automatic payment and just kept a log of how much comes out of their account (in the envelopes) while using this system?
I haven't been robbed by a credit card company. I haven't paid interest on a credit card since I was in college. Credit Cards are a tool to make financial management easier. If you use a credit card to actually borrow money, you're doing it wrong.
So what if you have direct deposit? You need to withdraw certain amounts and keep them in envelopes? How do you adapt this to the modern world now? I do agree with Mr. Benjamin being a part of the family. I used to have tips from my kitchen job before and i kept them in a box every time i get tips. Now, i have accumulated $1,200 and put it in the bank. LOL I'm too sentimental with cash.
You can go to the bank and withdraw let’s say for example $100 in singles and five dollar bills . When you go home you write down on each envelope groceries and you can put let say $20 than another envelope Birthday gifts $10 , next envelope vacation $10 and so forth . You will see how you accumulate money each month for each category. I do this for Christmas gifts and holiday meals and it has made a huge difference.
Perhaps you missed my earlier comment: "I have no income, so my envelope is always empty". As I said, this simplistic system is for those on a regular income, with no ability to manage their own finances.
I have no income, so my envelope is always empty. I'm too old to start a career, and overqualified to work for low wages. So tell me again, how does this system pay off my debt?
You are in the minority then, b/c the average family has somewhere between 5 to 7 K in credit card debt, depending on the source. With a bank issued debit card and a fully-funded emergency fund, you no longer have a need for a credit card.
dang dude, you can make excuses to succeed or fail. I do not know what it is like not having a regular income, such as being on commission, etc--mainly because I personally wouldn't choose a career lacking a consistent, fixed payment; nevertheless, you know that you have certain bills due, so pay the most important first and prioritize, or find employment that pays regularly (and I wish you all the luck if you go either way.) Additionally, if you are an American citizen living in America, and you are unsatisfied with your income (or lack thereof,) it is solely up to you to change it. I mean, we have college dropouts (Bill Gates) and homeless minorities (Chris Gardner) making it big, so what is your excuse? I understand that not everyone can be a millionaire and all that, but some people focus on what they can do to improve their lives instead of pouting in the fucking sandbox. To conclude my rant, I know I am not perfect, and I strive not to be a hypocrite--I try to put myself in the other person's shoes... but if YOU are not doing EVERYTHING in YOUR power to change YOUR situation to YOUR standards, whose fault is that? For the unsatisfied who are not dirt poor (have time/money to play video games, go out partying, watch movies, etc) and you are unsatisfied with your life... what has the man in the mirror done about it? Shit dude, you'll never catch any fish without throwing a line in the water, or something like that.
You know, you don't have to live in the stone age to do this. Almost any accounting software has budgeting features that do the same thing, except without actually having to keep thousands of dollars in cash in your house for someone to break in and steal.
Ok i'll be more specific. This "system" is laughable and pointless. First of all, some of us have no regular paycheck, so defining weekly or monthly budgets in categories is unworkable. He speaks of guilt-free clothing spending. Huh? You mean even if you don't need clothes one month, you must spend it anyway? Most of my expenses do not fall into impulse or discretionary categories. If you need it, you need it. This "system" is for the simple-minded, and really isn't a system at all.
I am a freelance so I have no regular income either. But what I have done is I set up the monthly budget and whenever I got paid put the payment into the budget in advance. This way I will always have money to pay my bills.
![[#2024MAMA] ROSÉ (로제), Bruno Mars - APT. | Mnet 241122 방송](http://i.ytimg.com/vi/dgGqD28J6aQ/mqdefault.jpg)
My grandma taught me this in tbe 1950s and it works!
Yep my pops taught me and my mom did this too and we wonder how our elders always had money stashed they didn't use banks they stashed their money themselves in a safe or underwear lmaooo
Wow, this is INCREDIBLE advice. Here's a tip: Reuse your junk mail envelopes. Save money + some trees!
Robert Mcguire I like that idea! 😃
Great idea
Great idea ❤
Brilliant! Thank you😊
I love this man! His wisdom on money matters is gold!
❤❤👍
@Zeus Sorry, I didn’t understand what you typed, as it wasn’t a complete or coherent sentence. 😏
@Zeus So is my original comment (4 years ago). Stick to minding your own business like not worrying about what others are doing or not doing anymore. Do what works for you and leave it at that.
I have been following this process for the last few months and I can agree that it works.
We love the envelope system in our family.
The envelopes work on many levels. The first and most obvious is that you can only spend what's in the envelope, if you stay true to the system. The second, and in my opinion the best reason, is that it makes you create a grocery list and you become mr. or ms. frugal in the store, calculator and all. And when you couple these things with the grocery store sale flyers that come in the mail every Wednesday in my neighborhood, you can really stretch your dollars.
That's right!
I have been doing that for a year and it’s been of huge help . I do this for Christmas budget , birthday gifts , Mother’s Day , Father’s Day , and groceries . Works just fine
Same here 😍😍.
I work it my own way i carry a piece of paper of what i need and pay by credit card and pay that balance every month and run out the store.
I don't have any money to put in those envelopes
LuRaRi 17 Join the crowd. Im in the same boat.
But you have time to reply in youtube clips comment section so you have time to make money.
i hope you have now lol
Then go to work to earn money. Smh 🤦♂️
i don't have money to buy a worthless envelope. haha
I liked what he said about the ouchie moments when adopting out the Benjamin's of your family cash. Yes those ouchie moments can save you a lot.
Sometimes the simplistic things are what work best
ABSOLUTELY!
Grandma thank you for sharing your knowledge. Priceless. 🤑999 likes
You rock Dave! Love it
Actually, we have a separate account for using our debit cards and we only keep $500 max in it. There are no debit cards tied to our main banking account.
๊ื้Uncle Dave looks so cute when talks about Uncle Ben Franklin. LOL.
My advisor said if you can’t afford children or a divorce stay single .
@lesolga77 I understand that you need to adjust your budget, but that does not address the problem of still having money left over in the envelopes. But after thinking about it further, it sounds as if you should put the leftovers in your bank then use it towards debt.
Didn't you hear what he said, when we hold on to cash and spend it it hurts so you spend less!
I'm sure he would suggest putting it in the savings...but you could keep it in your envelope for the next month...
I am going to try and fit this to my way of paying bills and spending money. Has anyone made envelopes for items that are on automatic payment and just kept a log of how much comes out of their account (in the envelopes) while using this system?
What about North Dakota? I`ve heard, they have a lot of jobs there.
I haven't been robbed by a credit card company. I haven't paid interest on a credit card since I was in college. Credit Cards are a tool to make financial management easier. If you use a credit card to actually borrow money, you're doing it wrong.
LoL sure just max it out, credit scores go sky high every time you max one out LoL
Does anybody know who were the first TH-camrs that developed the Cash-Stuffing and Budgeting TH-cam-Format?
ms girl on the far left rlly encapsulates founding fathers core
Doing for 7 years 😊 always money traveling and bought the house 🏡 pray the lord
What do you do when theres money left over at the end of the month? Do you keep it in the envelope, or take it to the bank?
It rolls over or put it in miscellaneous envelope trust me there will be months when you are shorter, and other areas that you can use that for.
I would never use a debit card and potentially give a criminal direct access to my checking account.
So what if you have direct deposit? You need to withdraw certain amounts and keep them in envelopes? How do you adapt this to the modern world now? I do agree with Mr. Benjamin being a part of the family. I used to have tips from my kitchen job before and i kept them in a box every time i get tips. Now, i have accumulated $1,200 and put it in the bank. LOL I'm too sentimental with cash.
You can go to the bank and withdraw let’s say for example $100 in singles and five dollar bills . When you go home you write down on each envelope groceries and you can put let say $20 than another envelope Birthday gifts $10 , next envelope vacation $10 and so forth . You will see how you accumulate money each month for each category. I do this for Christmas gifts and holiday meals and it has made a huge difference.
Anybody else watching this for a class?
um... dave ramsey didn't come up with this system. your vid title is incorrect.
In the video he did say he didn't come up with it..
Or you can use an app to manage the envelopes while your money still on the bank account!
It's for visuals
Perhaps you missed my earlier comment: "I have no income, so my envelope is always empty". As I said, this simplistic system is for those on a regular income, with no ability to manage their own finances.
I have no income, so my envelope is always empty. I'm too old to start a career, and overqualified to work for low wages. So tell me again, how does this system pay off my debt?
konzwambii how about you humble yourself to work a low wage job so that you can pay off your debt.
Don't complain and find a different system 🙄 then again if you have no income I doubt t any system will work for you
How are you too old? You just have too many excuses.
You are in the minority then, b/c the average family has somewhere between 5 to 7 K in credit card debt, depending on the source. With a bank issued debit card and a fully-funded emergency fund, you no longer have a need for a credit card.
@glenndog03 ha ha ha
So I could starve to death with $350 in my clothing envelope?
er, 2012. oops
dang dude, you can make excuses to succeed or fail. I do not know what it is like not having a regular income, such as being on commission, etc--mainly because I personally wouldn't choose a career lacking a consistent, fixed payment; nevertheless, you know that you have certain bills due, so pay the most important first and prioritize, or find employment that pays regularly (and I wish you all the luck if you go either way.)
Additionally, if you are an American citizen living in America, and you are unsatisfied with your income (or lack thereof,) it is solely up to you to change it.
I mean, we have college dropouts (Bill Gates) and homeless minorities (Chris Gardner) making it big, so what is your excuse?
I understand that not everyone can be a millionaire and all that, but some people focus on what they can do to improve their lives instead of pouting in the fucking sandbox.
To conclude my rant, I know I am not perfect, and I strive not to be a hypocrite--I try to put myself in the other person's shoes... but if YOU are not doing EVERYTHING in YOUR power to change YOUR situation to YOUR standards, whose fault is that? For the unsatisfied who are not dirt poor (have time/money to play video games, go out partying, watch movies, etc) and you are unsatisfied with your life... what has the man in the mirror done about it? Shit dude, you'll never catch any fish without throwing a line in the water, or something like that.
You know, you don't have to live in the stone age to do this. Almost any accounting software has budgeting features that do the same thing, except without actually having to keep thousands of dollars in cash in your house for someone to break in and steal.
Ok i'll be more specific. This "system" is laughable and pointless. First of all, some of us have no regular paycheck, so defining weekly or monthly budgets in categories is unworkable. He speaks of guilt-free clothing spending. Huh? You mean even if you don't need clothes one month, you must spend it anyway? Most of my expenses do not fall into impulse or discretionary categories. If you need it, you need it. This "system" is for the simple-minded, and really isn't a system at all.
I am a freelance so I have no regular income either. But what I have done is I set up the monthly budget and whenever I got paid put the payment into the budget in advance. This way I will always have money to pay my bills.
Maybe it might not work for you now , but it works for others .