We welcome your opinions. These are some comments/ideas that readers wanted to share. Link to original article here.

When the Money's Needed, It's There

I just read with interest your article on the envelope system. I also use this system and find it's a great way to make sure I have money for bills when they're due, but make deposits into my checking account when the bills need to be paid versus paying with cash. Each week, when I get my paycheck, I go to the bank and cash it and ask for extra singles, tens and fives. I then put cash into each envelope that has the name of the creditor on it and the amount to be put in weekly written in the corner. When the bills come in, I take the amount that is due out of the enveleope and will then deposit that amount into my checking account and either write a check to be mailed to pay for it or make an electronic bill pay. I also have an envelope labeled "Miscellaneous," which I try to put a little extra in every week to cover those unexpected things that inevitably pop up from time to time.
Laurie

Envelopes Gone High Tech

In response to the cashless envelope system, I've used the Crown software for years, called Money Matters, that helps you organize your budget and envelopes electronically, and has a financial status report to instantly see what is in all your envelopes. The link to the latest version is http://crown.org/cartproducts/product.asp?sku=MM920&aid=. And Crown has also developed an online envelope system so you can check your envelope status from any web browser at http://crown.mvelopes.com/learn-more.php. It really does pay to know the status of your budget.
Rey

Keep Constant Track of Spending

I use Budgetmap products. It gives me the flexibility of using my debit card instead of cash but keeps a constant track of my categories of spending. It's a great product. Find it at www.budgetmap.com.
Cynthia

Monopoly, Anyone?

If she likes the tactile appeal/ability to visualize cash in the envelope system, why not use Monopoly money? Load your Monopoly money in the envelopes, but add a spent money envelope, which will be empty in the beginning of the month. When you spend money, do as you suggest by putting the receipt in the envelope, but take out the corresponding amount of Monopoly money and put it in the spent money envelope. Handle change by rounding up. At the end of the month, assess how you did by checking to see if you have any Monopoly money left. Reload your envelopes at the beginning of the month.
B

Suited to the 21st Century

I tried to use the envelope system, but it is outdated for us with the way we live and my husband's job. We are very computer and electronic oriented due to his job. We have a different way of tracking expenses than many people. My husband and I both have Treo 650 phones which we both wound up with, but not at the ridiculous price they typically cost. We have the pocket Quicken Program in the phones that as soon as we make a purchase we put it right into the phone that we later synchronize with our computer. We always know exactly how much is in the bank accounts what is owed down the road and what our budget is. We can then go to Quicken and look at the budget and review where it needs to be tweaked or where money can be moved from that month. This has saved us lots of heartache and I can spend what I need to without worrying about bouncing or going negative. It is viable for the many people who do live in the cell phone/electronic using world. Cash is great, but it is going away for most people living in the US.
Alexandra

It Doesn't Have to be All or Nothing

Envelopes are not obsolete. It's easy to modify the envelope system for today's uses. I use envelopes for those categories of expenditures that lend themselves to cash purchases and are most often the budget breakers. For me, that is groceries, gasoline, clothing, haircuts, entertainment, and gifts. Envelopes are quite effective for me used this way. I deposit my paycheck and only withdraw the cash allowed for my cash envelopes. Envelopes do not have to be an all or nothing option.
Anne-Marie

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