Foundations for Strong Families 201. Envelope Method


Envelope budgeting is a method where cash is divided into different, categorized envelopes. These envelopes are labeled for categories of spending including required spending, like a mortgage, groceries, and medical bills, and discretionary spending, such as eating out, entertainment, and shopping. As cash is divided into envelopes, it is immediately visible to all family members what on-hand cash is available to pay bills, make purchases, and contribute to savings. This method is simple to set up and manage and allows each partner to be completely aware of their financial situation.

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