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Old 09-04-2007, 11:29 AM   #11
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Re: envelope system?

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And, wimama ... if you're interested, I could send you a referral from ING ... you'd get $25 for a new acct w/ $250 start-up and I get a $10 referral bonus. PM me your email if you're interested.
Funkymama
I PMed you about that referral. Thanks. The ING account sounds great. Alot better than the low interest rate on my banks savings account.

Glad some of my ideas helped. Hopefully it works for us!

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Old 09-04-2007, 11:10 PM   #12
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Re: envelope system?

I love our ING ... ... pm'd ya back!

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Funkymama
I PMed you about that referral. Thanks. The ING account sounds great. Alot better than the low interest rate on my banks savings account.

Glad some of my ideas helped. Hopefully it works for us!
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Old 09-04-2007, 11:50 PM   #13
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Re: envelope system?

OT: we have an ING too and love having the moneyset aside earning interest.


We use the cash envelope system as well. DH gets paid from one job once a month which we use to pay all the bills. Then he gets a weekly paycheck from his other job that we do living expenses. This cashed out and put into envelopes for pet, grocery, misc., and gas. This just keeps us accountable on what we are spending weekly. It has helped us...when it is gone, it is gone until the next Sun when we roll over.
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Old 09-05-2007, 01:05 AM   #14
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Re: envelope system?

We are just changing over to a mostly cash system... Does anyone know of any sites like mvelopes that are free?
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Old 09-05-2007, 08:41 AM   #15
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Re: envelope system?

my hubby and I are also trying to go to the envelope system, but also use our Debit card for everything. he gets paid weekly and once/month gets a bonus. any ideas on how it's best to handle that while budgeting?

also, how do the ING savings accounts work? do you auto debit out of your checking acct.? is it easy to transfer $$ back to cover whatever virtual accounts you are using it for when an expense comes up?
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Old 09-05-2007, 08:42 AM   #16
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Re: envelope system?

I would love a free website, like mvelopes.

We decided to try mvelopes because it seemed very secure and I liked how I could access it from any computer. Right were just using MS Money on our home computer. Now I can check how much money I have in my envelopes and pay bills on my lunch break at work or from home.

If we don't like mvelopes, I am going to try setting up an excel spread sheet to track my virtual envelopes.
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Old 09-05-2007, 08:50 AM   #17
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Re: envelope system?

Can someone tell me more about ING?
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Old 09-05-2007, 09:38 AM   #18
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Re: envelope system?

Christina & Jesse ... re: ING accounts ... go to www.ingdirect.com ...

I've had mine for a few years now and really like it. You can set it up so you can transfer money automatically or you can do it manually by going to the website. You need to have a checking account to transfer back & forth. And, it takes about 2-3 business days to complete a transfer. Just as long as it would if you were getting $$ from PP. It's nice that it's accessible, but not too accessible ... so you have to think ahead.

At my local bank, my interest rate was pathetic (.25%) and the ING is 4.5%. When I started, it was at 2.5% and it has gone up consistently since then. I use the auto savings plan @ $25/paycheck (1st & 16th). And, then I can transfer more into it as I want.

Oh, and if you want, send me a PM with your email addy & I'll send you a referral link so you can get $25 by opening an acct w/ $250 (then I also get a $10 referral, too).
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Old 09-05-2007, 09:41 AM   #19
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Re: envelope system?

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also, how do the ING savings accounts work? do you auto debit out of your checking acct.? is it easy to transfer $$ back to cover whatever virtual accounts you are using it for when an expense comes up?
Just wanted to add ... I used my account to save for med expenses for my prenatal care & birth (about $2000). then, when the bill came, I just transferred what I needed and paid the bill.
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Old 09-05-2007, 09:50 AM   #20
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Re: envelope system?

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my hubby and I are also trying to go to the envelope system, but also use our Debit card for everything. he gets paid weekly and once/month gets a bonus. any ideas on how it's best to handle that while budgeting?
you might be able to find some tips on budgeting on Dave Ramsey's site.

first off, though, you need to know how much you spend. I have a list of all our fixed expenses to pay through our checking. And, now, I think I'm going to use the envelopes to set cash aside for groceries, fun money for hubby & myself, household & pet items, and home improvement, for starters.

Maybe you could tally up your normal monthly expenses are, then use the weekly paycheck to pay those. And, with the bonus, use that to set aside for those "extra" expenses than come up. On the DR website, regarding irregular paychecks, he basically says to prioritize your budgeting.
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