I have direct deposit with my paycheck. How do you recommend doing the envelope system after my paycheck has already been deposited?
By having direct deposit, you are already making your life easier. You are having your money deposited into your account, many times sooner than expected in my experience, and don't usually have any wait time to access your funds. That is very nice news!
As far as doing the envelope system after it's already been deposited, all you have to do is make a nice little withdrawal from the bank in the amount that you need for your envelopes and then place the money in the envelopes for that pay period. By doing this, you will show the transaction of the withdrawal (if you are tracking with software) and can easily split the transaction in the system to reflect the different envelope amounts.
It's no different then if you had to deposit the check and get cash back after each paycheck to refill your envelopes. I hope this helps answer your question!
Are you ready to finally take control of your finances? Let my budgeting spreadsheets help!
Just fill out the form below and I'll send you the link to get the same exact budgeting spreadsheets that I use each month!
Included in the workbook:
- Monthly budget form
- Breakdown of savings form (for your sinking funds)
- Overview of your financial plan
I've been using these same forms since August 2011 and have grown my family's net worth 500% tracking our money using these forms!
Latest posts by Steven Goodwin (see all)
- September 2018 Net Worth Update – $160,733.71 (+$21,286.78) - October 9, 2018
- August 2018 Net Worth Update – $139,446.93 (+$3,690.43) - September 2, 2018
- July 2018 Net Worth Update – $135,756.50 (+$1,338.43) - August 1, 2018
- June 2018 Net Worth Update – $134,418.07 (+$1,089.72) - July 1, 2018