Step 4: meet with your local banker

Since it is no longer 1982, we need to modernize the envelope system.

Most of us have direct deposit. So going to the bank to withdraw money and then sorting it into its respective envelope is primal to us. (Unless you are my father. In which case, Dad – You ROCK!)

Solution? Create electronic envelopes!

How do you do this? Go to your bank and make friends with a banker. If you are recently married (like ME) you have a great excuse to go in (name change!).

While there, ask about free checking. Usually, not ALWAYS, but usually there will be a promotion going to get you a good deal. We signed up for the bank’s credit card. Result? 2 free checking accounts!

Our electronic envelopes (bank accounts) look like this:

1.  Do Not Touch This Money Unless You Are About To Be Homeless Account (savings)

2.  Pay Your Bills Account (checking)

3. Food-Gas-Fun Account (this is where our measly $400 goes) (checking)

4. Pay Your Loans Account (checking)

5. We Desperately Need ________ Account (checking account we use as savings)

This way, when we run out of money in account #3 we are out of money. Period. We are forced to stick to our budget.

Because let’s be honest – if I had all this money in 1 account, I’d keep swiping that card until they shut off my electric.

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