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Super October 2012

Dave Ramsey Envelope Plan

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Carly, on March 12, 2012 at 4:23 AM

Posted in Planning 28

So starting on Friday, when FH gets his check, we are starting the Dave Ramsey Envelope System. Basically you take your monthly budget and break it down into payments (rent, utilities, gas, groceries, car payments, insurance, credit cards, entertainment, misc, etc) and you put a specific amount in each week and then you pay your bills for the next month at the end of the month you have just saved for with all the money you have put away for your bills. then, whatever you have left over, half of that goes into savings and the rest stays in your checking.

I am really excited to start this plan. If FH & I stick to this plan we will have almost $10,000 saved by the wedding to start working towards a down payment on a house! We have 9 envelopes to save for every month...

Has anyone tried his plan before? It's pretty popular on some blogs!

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28 Comments

Super October 2012
Carly · on March 14, 2012 at 2:36 PM
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No you dont pay your bills in cash but you save up the cash, deposit it, then write your checks or pay them online or whatever. I could pay all my bills in cash if I wanted to because there are different spots I can go in and pay all my bills.

Its not all your earnings either. After you put all the cash into your envelopes for your budget, the rest goes into savings. So you only have access to what you budgeted for.
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Master September 2012
Heather · on March 14, 2012 at 2:48 PM
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DOING THIS!!!!!!
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VIP January 2020
Nay-Nay · on March 14, 2012 at 3:05 PM
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Never heard of this...but then again I'm pretty good with managing my money
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Super September 2012
Kayla P. (Kayla S.) · on March 14, 2012 at 3:41 PM
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One of my daycare parents did it, and it worked really well for them.
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Super June 2012
KKnTrev · on March 14, 2012 at 4:01 PM
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Dave Ramsey is awesome. My FH was out of debt in less than a year. Changed his life.
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Super July 2012
Meghan · on March 14, 2012 at 6:44 PM
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Gina - I was awesome at managing money before Dave. BUT, I had debt. A small CC, Car Loan, school loans.

Dave's way is more than just managing money. It's about building wealth and give give give!

http://www.daveramsey.com/new/baby-steps/
Read about his 7 Baby Steps
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Savvy April 2013
Jenny · on September 3, 2012 at 8:24 PM
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Hello! We have been using the Envelope System and took the Financial Peace University classes through Dave Ramsey's system about 2 years ago. In that time, we paid off my fiance's knee surgery, my first $8500 student loan, and are working on the other 2 student loans. We have paid off over $20K in the 2 years and we saved up $24K for a down payment on our house.
My advice: Stick to it, don't give up, sometimes it will be hard, but it is SO worth it in the end, and it gets waaay easier after the first couple of months. We feel much richer than we used to, and we have $2400 in an emergency fund if we need it. Your life will change for the better, and hopefully it will give you a marriage full of financial decisions that you both make on the same page. I am eternally indebted to Dave Ramsey for the system. GOOD LUCK!
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