If you wonder how to save cash and not spend mindlessly, then the cash envelope system is just the right thing for you. However, it comes with its challenges, and the biggest one is finding the right cash envelope wallet.
With the help of the perfect wallet, you will divide your cash effectively and manage your spending accordingly. Interestingly, there are many cash envelope wallets that you can consider buying.
Things to Know About the Cash Envelope Wallet System
The cash envelope wallet system is an effective way to manage your cash expenses. You can categorize the significant expenses in just one wallet.
For example, if you have decided to spend about $500 on utilities for your home and $200 on your child’s tuition, the best thing to do is place the cash in separate envelopes. You can spend it easily to pay off any outstanding bills at the end of the month.
Note that you cannot place your significant expenses in a cash envelope wallet, such as your mortgage or car leasing. The wallet works best for your discretionary spending, such as luxury, food, friends, adventures, trips, utilities, and other spending, which can go out of hand unless kept in check. Many people prefer using the cash budget to rid themselves of the temptation of overspending.
What Are the Benefits of Using the Cash Envelope Wallet?
There are many benefits of using the cash envelope wallet. People do not realize that they can make a lot of savings with the right tricks and tools because they have not explored the cash wallet envelope system to its true potential.
With the help of the wallet, you can reduce your extra spending. When you take out the cash to make a purchase, you can see the kind of impact it makes right there and that your spending is depleting your monthly budget. Thus, you will be more cautious about spending than when you spend with a card.
You must make sure that your spending is tangible to feel the direct consequences of a purchase. With a hands-on approach, you can bring discipline to your spending habits. However, it is not wise to keep cash in many envelopes as it gets confusing and hard to track. Luckily for you, many cash envelope wallets are designed to help you track your money budget.
About Cash Envelope Wallets
Many popular cash envelope wallets are designed to make your life easy. But not each of them is perfect for you; hence, you have to be careful before choosing from the variety. These wallets come in many chic yet funky styles, so get one that resonates with your personality. You do not want to get bored with it.
- Divvy Up The Savvy Spender
If you like a little pink in your life, then Divvy Up cash envelope wallet is your best bet. It comes with a pink front and five magnetic cash envelopes to keep your cash safe and separate from each spending category. If you have debit or credit cards on you, then fret not; it has twelve card slots to add your plastic money into.
The best part about this wallet is that it comes with removable cash envelopes, so if you want to remove or add a cash category, you can easily do so. This allows you to keep track of your spending habits better since you will realize that you have already spent a few of the envelopes.
- Magicfly Cash Envelope
If you want a little bling in your life, then the Magicfly cash envelope is your go-to option. It contains about 12 budget envelopes, all designed to keep track of your cash spending. It is nice in size, and the envelopes inside come in many colors while the outside stays black. It is waterproof, so if you go into the toilet with your wallet, you would not worry about it getting soaked.
- Hommie All-in-One Cash Envelope Wallet
If you are not very big on style and are only focused on bringing discipline into your spending habits, then Hommie can offer you just that. These cash envelope wallets are not aesthetically pleasing, but they do the cash management quite right as they provide a significant cash budgeting system with many envelopes to store your cash.
The envelopes are sturdy and have a nice pouch to keep them together. However, the wallet lacks the storage space for cards. It is priced under $20. The Hommie cash envelope wallet might be just what you need to manage your money better.
- Dave Ramsey Wallet
Dave Ramsey is one of the biggest advocates of the cash envelope system, and there is no surprise that they have launched a wallet that comes with all the features. The Dave Ramsey wallet comes in primary colors but holds up to eight cash management envelopes, and you can even purchase a replacement envelope if you need it.
The wallet has gone a few steps ahead of the rest of the variety in the market, as it also offers storage to keep your receipts safe. Furthermore, it comes with a memo pad, debit card slots, and a small pouch for your change.
With all its features, it is an affordable option priced at just $24, and this could be the right solution for your budgeting system.
- Savvy Cents Wallet
If you want variety in colors, Savvy Cents will do the job. You can choose the wallet in any color you like; chances are that they have it in stock. However, most color options are solid, but a few patterns are available, such as traditional plaid and eyelet options.
The wallet comes in a vinyl fabric that protects it from debris accumulating and wearing the wallet out. Furthermore, if you like to store your debit or credit cards, they have many slots.
Inside the wallet, there are about five envelopes with a divider, allowing you to store your cash separately. The downside of the wallet is that it provides only five slots to hold different cash budget categories.
You can start with the baby steps to regulate your discretionary spending habits by getting a cash envelope wallet. The wallet is the first step to help you analyze where your money goes monthly, and it will be the best way to start budgeting yourself. Hence, if you want to begin saving money, you better start with this method and enjoy the benefits in a few months time.