How to use the Envelope System to save hundreds per month

How to use the Envelope System to save hundreds per month

click photo for more information
How to use the Envelope System to save hundreds per month
The Envelope System is a great method for saving money. It works by allocating money for certain categories like eating out, shopping, movies, and so on in envelopes. Once you spend the money in the envelope, that’s it for the month. You can’t spend more. It’s a great system to use if you’re in debt, because it forces you to be actively aware of your spending — but is it all it’s cracked up to be? Let’s break down exactly how the Envelope System works, why it’s good, and some of the drawbacks from utilizing it. What is the Envelope System? Step 1: Calculate your monthly discretionary spending Step 2: Create your spending buckets Step 3: Put money into physical envelopes Step 4: Spend! Still have money? Awesome! Why does the Envelope System work? What’s the catch? Own your personal finances Negotiate a raise Starting a side hustle What is the Envelope System? The Envelope System is all about one thing: Becoming more conscious about the way you spend. It involves a simple four-step process: Step 1: Calculate your monthly discretionary spending Your discretionary spending is all the money that’s left over after you pay off the essentials (rent, utilities, etc.). And [...]
0
161

Comments

How to get college scholarships in 2019 (how I got $100,000+)

click photo for more information
How to get college scholarships in 2019 (how I got $100,000+)
How to get scholarships in 3 easy steps Step 1: Adopt a robust “scholarship application mindset” Step 2: Learn to find the scholarships that will pay THOUSANDS Step 3: The only application [...]
0
64

How to talk to people (even if you don’t know what to say)

click photo for more information
How to talk to people (even if you don’t know what to say)
You’ve probably been there before: You walk up to a group of friends talking. Stand there awkwardly while waiting for one of them to notice you. Wish for death. You start telling a story to a grou [...]
0
55

Ways You Can Become Financially Stable

click photo for more information
Ways You Can Become Financially Stable
While figuring out whether you’re financially stable or not has a little more to do without just being able to decide if you could survive longer than paycheck to paycheck, but more has to do with a [...]
1
86

How to Save Money on Food Expenses

click photo for more information
How to Save Money on Food Expenses
While there are certain monthly expenses that can be cut if you try hard enough, such as a gym membership or even a cable bill with so many streaming options these days that it doesn’t make sense to [...]
0
103

The Biggest Retirement Planning Mistakes

click photo for more information
The Biggest Retirement Planning Mistakes
Staying on top of the family finances is a huge responsibly, probably one that should not be handled alone without the help of your significant other, or even a family member or friend that you trust [...]
1
99

15 lessons on money and marriage from couples who have been married 10+ years

click photo for more information
15 lessons on money and marriage from couples who have been married 10+ years
We asked members of the IWT community who have been married at least 10 years (aka “forever” in Hollywood years) to share their #1 piece of financial advice for couples. Here’s what they said: [...]
0
91

How to ask your boss for a promotion (with word-for-word scripts)

click photo for more information
How to ask your boss for a promotion (with word-for-word scripts)
Knowing how to ask for a promotion can make you rich Many of my students and friends who’ve used the techniques I’m going to share have successfully earned raises of $10,000 or more. But even if a [...]
0
102

How to Reduce Monthly Money Wastes

click photo for more information
How to Reduce Monthly Money Wastes
Believe it or not, it can be harder to stay on top of your finances compared to losing weight, which is a popular resolution this time of year.  The problem is, you join the gym and try to make a [...]
0
116

Boosting Your Credit Score Can Save You Money

click photo for more information
Boosting Your Credit Score Can Save You Money
Whether you know it or not, your first impression to a potential lender is your credit score, which can not only decide your approval fate, but also, if approved, what your rate and terms are.  F [...]
1
101

April 2018 Net Worth Update

click photo for more information
April 2018 Net Worth Update
  This is my official April 2018 Net Worth Update. Below are my actual numbers for ALL my investments and liabilities as of 05/01/2018. Detailed explanations and a quick summary can be found belo [...]
0
175

Peer-to-Peer Lending and a Savvy Investment Portfolio

click photo for more information
Peer-to-Peer Lending and a Savvy Investment Portfolio
Peer-to-peer lending is just one piece of the greater sharing economy that has boomed in the past ten to fifteen years. In a nutshell, it allows regular non-institutional investors with just a few hun [...]
0
153

Honeymoon tour continued: My Rich Life travels in Africa

click photo for more information
Honeymoon tour continued: My Rich Life travels in Africa
I’ve been sharing my honeymoon stories and other aspects of my life on my Instagram stories. In the last installment of my Honeymoon Series, we explored Italy with our parents, and now we’ve move [...]
1
195

Money Dials: Why you spend the way you do

click photo for more information
Money Dials: Why you spend the way you do
Do you ever wonder why people spend their money the way they do? Why take an expensive Uber when you can walk 20 minutes to get to the same place? Why pay for first-class tickets when we’re all goin [...]
1
183

Money Mistakes You Should Avoid Going Forward

click photo for more information
Money Mistakes You Should Avoid Going Forward
You may think you are going about your finances the right way, month over month, year after year, making sure your bills are paid on time,and yes while that is important, there is actually much more t [...]
1
169

Honeymoon BTS: What a Rich Life looks like for me

click photo for more information
Honeymoon BTS: What a Rich Life looks like for me
I always knew that I wanted our honeymoon to be unforgettable. My wife and I were thinking about doing a safari, and when we went out with a few married friends and told them, they said, “That sound [...]
0
181

5 common tax myths could cost you thousands

click photo for more information
5 common tax myths could cost you thousands
Fact: Taxes are confusing — and it doesn’t help that there are so many myths that swirl around the subject. It makes sense though. There’s no class in high school on how to do taxes, and the su [...]
1
163

4 gift-giving tips to give the perfect present this holiday

click photo for more information
4 gift-giving tips to give the perfect present this holiday
Headlines like “Oprah’s favorite things!” or “Tech gifts for gadget geeks!” have been popping up in your Amazon sidebar for weeks, all of America’s malls are playing “Jingle Bell Rock” [...]
0
140

How You Can Avoid Any Potential Family Money Disasters

click photo for more information
How You Can Avoid Any Potential Family Money Disasters
It’s long been said that a large part of the reason for divorce is because of money, so in order to really avoid any potential family money disaster, it’s been to get out in front of it early on b [...]
0
154

5 ways to take control of your finances

click photo for more information
5 ways to take control of your finances
It’s a question I’ve been asked since starting I Will Teach You to Be Rich more than a decade ago: “How do I take control of my finances?” At first, it can be hard to answer &m [...]
0
193

Reasons Why You’re Always Broke

click photo for more information
Reasons Why You’re Always Broke
As the weather starts to turn and winter seemed to be in full force already, though it’s already almost Thanksgiving somehow, I can already notice the furnace kicking on more than normal and can ant [...]
0
178

Q&A: What to do when you lose $113,000 in the market

click photo for more information
Q&A: What to do when you lose $113,000 in the market
When the stock market took a hit in October 2018, we saw the usual knee-jerk headlines: Blip or downturn? What the market meltdown means for your money Is it time to sell before we hit bottom? Stoc [...]
0
179

Credit dispute: How to dispute any credit issue

click photo for more information
Credit dispute: How to dispute any credit issue
Errors and your credit history. Name a more iconic duo. I’ll wait. You can’t. Errors in your credit can occur for a variety of reasons, from simple reporting issues from the creditors’ side to m [...]
0
200

How to freelance: 5 steps to profit

click photo for more information
How to freelance: 5 steps to profit
Learning how to freelance is the first step toward an unlimited earning potential. It’s a wonder why more people don’t do it — especially when there are so many good reasons to: Flexibility. [...]
0
238

How You Can Save Money this Winter

click photo for more information
How You Can Save Money this Winter
While winter certainly does not prompt a time to save money, but now is as good of time as every to start making money moves that will help you save money and be able to get ahead, for example, paying [...]
0
246

How to negotiate rent to save THOUSANDS per year

click photo for more information
How to negotiate rent to save THOUSANDS per year
I’m going to show you exactly how to negotiate your rent so you can put a couple thousand dollars — or more — in your pocket this year. Most people don’t think negotiating their rent can save [...]
0
198

Save Money by Accelerating Our Mortgage Payoff

click photo for more information
Save Money by Accelerating Our Mortgage Payoff
Let’s save money by accelerating our mortgage payoff. Face it interest rates rising recently signal that the FED is succeeding in getting overall inflation up to two percent. In some areas, inflatio [...]
0
182

Easy Ways to Cut Costs to Save Big Money

click photo for more information
Easy Ways to Cut Costs to Save Big Money
By the time you pay the bills, contribute to your emergency fund, not to mention put in what you can for retirement, there sure is not much leftover, which makes it all more important where every doll [...]
0
160

How You Can Stay On Top of Your Finances

click photo for more information
How You Can Stay On Top of Your Finances
Life certainly does move pretty fast.  It may just seem like you just finished school and started your career, and then suddenly you’re “grown up”, have a family of your own, and you start to t [...]
0
184

Credit Card Mistakes You Could Be Making

click photo for more information
Credit Card Mistakes You Could Be Making
You know if you’ve ever applied for a mortgage, loan, or the credit card you use for purchases, that your credit score is a major factor in the rate you receive, and how you handle your credit card [...]
0
196

7 Passive Income Ideas – That Aren’t Stocks

click photo for more information
7 Passive Income Ideas – That Aren’t Stocks
Everyone wants more money, but very few people are willing to go get a second job. Most of us can barely handle the first job, much less a second one. A common thread among these people is passive inc [...]
0
144

Improving a Credit Score

click photo for more information
Improving a Credit Score
Credit repair is like losing weight. It is a process that takes time and with no quick ways to fix it. Doing away with the negative information on one’s credit report and trying to catch up on due b [...]
0
165

Ways to Avoid Overspending

click photo for more information
Ways to Avoid Overspending
Let’s face it, when it comes to spending, there’s not a whole lot left in our bank account after paying bills, not to mention have enough for food and gas, so it makes sense to what to treat yours [...]
0
168

Money Moves That Should Start to Occur Now

click photo for more information
Money Moves That Should Start to Occur Now
Handling the household finances is not an easy task, one that should not be handled alone.  Whether you share the finances with a significant other, as it’s important to keep them in the loop at al [...]
0
215

How to End the Days of Living Paycheck to Paycheck

click photo for more information
How to End the Days of Living Paycheck to Paycheck
When it comes to the monthly finances, it probably doesn’t take much before the bank account is on empty after paying bills, not to mention hopefully contributing to retirement account, or having an [...]
0
187

How You Could be Hurting Your Credit Score

click photo for more information
How You Could be Hurting Your Credit Score
If you’ve ever applied for a mortgage, loan, or even tried to get insurance, your credit score is a major factor in not only your approval, but at what rate you receive.  The higher the credit scor [...]
0
155

Why Using a Credit Card Makes Solid Financial Sense

click photo for more information
Why Using a Credit Card Makes Solid Financial Sense
It used to be that using a credit card could give off the perception that because you’re charging, you don’t actually have the sufficient funds to make the purchase.  While I suppose that could b [...]
0
143

Cashflow Ninja W/ M.C. Laubscher (Ep 151)- How to Create Income Streams with Notes

click photo for more information
Cashflow Ninja W/ M.C. Laubscher (Ep 151)- How to Create Income Streams with Notes
LISTEN HERE My guest today is Paige Panzarello. Paige is the “Cashflow Chick”.  Having been a Real Estate investor and entrepreneur for over 20 years, Paige has had experience in many differe [...]
0
190

Tax Consequences of Selling a Los Angeles Inherited House

click photo for more information
Tax Consequences of Selling a Los Angeles Inherited House
Usually, people have questions about inheriting a house. Some want to talk about the tax consequences of selling a Los Angeles Inherited house. The tax implications can seem confusing. Most people don [...]
0
158

Save Money by Accelerating Our Mortgage Payoff

click photo for more information
Save Money by Accelerating Our Mortgage Payoff
Let’s save money by accelerating our mortgage payoff. Face it interest rates rising recently signal that the FED is succeeding in getting overall inflation up to two percent. In some areas, inflatio [...]
0
204

Little Fees that Eat Away Your Income

click photo for more information
Little Fees that Eat Away Your Income
When Sam and Holly’s parents retired, they had prepared for this moment many years ago by buying real estate that provided an income. They found every rental property they owned needed treatment a [...]
0
162

Coach George Raveling — A Legend on Sports, Business, and The Great Game of Life (#332)

click photo for more information
Coach George Raveling — A Legend on Sports, Business, and The Great Game of Life (#332)
“I’ve always had this theory that, if you help enough people get what they want, you’ll always get what you want.” — George Raveling Coach George Raveling (@GeorgeRaveling) i [...]
0
193

Random Show — Fasting, Biohacking, and Tony Robbins (#333)

click photo for more information
Random Show — Fasting, Biohacking, and Tony Robbins (#333)
Serial entrepreneur, world-class investor, eagle scout, and all around wild and crazy guy Kevin Rose (@KevinRose), rejoins me for another episode of The Random Show. We discuss Kevin’s new diet [...]
0
220

SPI 206: How SPI Reader Robert Duff Is Building Passive Income with Books on Amazon

click photo for more information
SPI 206: How SPI Reader Robert Duff Is Building Passive Income with Books on Amazon
Here with me this week is Robert Duff, Ph.D., a psychologist who's supplementing his income by selling his books on Amazon. [...]
0
183

How SPI Made Me More Income Than 3 Bestsellers and 2 Movie Deals

click photo for more information
How SPI Made Me More Income Than 3 Bestsellers and 2 Movie Deals
Karan Bajaj is a number one bestselling Indian novelist who created his first online course just a few months ago. In this post, he describes how SPI helped him create a profitable course with no emai [...]
0
198

How to Tell if Your Website Is Broken (and How to Fix It)

click photo for more information
How to Tell if Your Website Is Broken (and How to Fix It)
In just a few days, the new design for Smart Passive Income goes live. Here's why I decided to redesign the website, even though it has been performing well. [...]
0
171

How to Prepare for An Awesome Podcast Interview – SPI TV Ep. 50

click photo for more information
How to Prepare for An Awesome Podcast Interview – SPI TV Ep. 50
Today's episode is a vital one for all you podcasters out there. I'm sharing my top tips for preparing for an interview, gathered from the hundreds of interviews I've done on the Smart Passive Income [...]
0
145

SPI 221: An Unknown Way to Boost Sales and Increase the Size of Your List—Back with an SPI Student

click photo for more information
SPI 221: An Unknown Way to Boost Sales and Increase the Size of Your List—Back with an SPI Student
My guest today is a Smart Passive Income "student," here to share the innovative strategy he's used to earn affiliates and grow his business. [...]
0
180

SPI 226: Defeating the “Curse of Knowledge” and How Jason Brown Built His Successful Online Business

click photo for more information
SPI 226: Defeating the “Curse of Knowledge” and How Jason Brown Built His Successful Online Business
In today's episode, it's my pleasure to introduce you to another Smart Passive Income success story. Meet Jason Brown of TheBrownReport.com, a site where Jason where teaches ordinary people how to sta [...]
0
175

SPI 232: How Lucas Hall Built and Sold an “Ultimate Resource” Blog

click photo for more information
SPI 232: How Lucas Hall Built and Sold an “Ultimate Resource” Blog
Today's guest has another passive income success story to share. Lucas Hall tells me how he built the "ultimate resource" for rental property owners, and how he made the decision to sell it. [...]
0
167

SPI 235: Beyond the Gumball: How Matt Miller Built a Successful Vending Machine Business and Franchise

click photo for more information
SPI 235: Beyond the Gumball: How Matt Miller Built a Successful Vending Machine Business and Franchise
Today's guest has taken vending machine passive income to a whole new level, growing a hugely successful franchise and helping schools in the process. [...]
0
180
load more posts