How to use the Envelope System to save hundreds per month

How to use the Envelope System to save hundreds per month

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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 [...]
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Smart Money Moves to Maximize Income

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Smart Money Moves to Maximize Income
Making sure that you have more money coming in than going out is important, but it is maximizing every dollar that comes in that will set you up for success not only right now, but to build for your f [...]
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Working from Home is a Money Saver with a Smile

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Working from Home is a Money Saver with a Smile
These days so many employers are allowing staff to work from home.  It does make some who’s job function does not allow it to be jealous either around the office, or among friends and family who wo [...]
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Credit Cards Have Many Benefits (as Long as You Pay the Full Statement Balance)

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Credit Cards Have Many Benefits (as Long as You Pay the Full Statement Balance)
Growing up, even hearing the word credit card immediately brought a negative connotation when it came to making purchases.  Not that it was a bad thing, but even in recent years, using cash, real act [...]
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7 Ways to Strive to Earn Passive Income

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7 Ways to Strive to Earn Passive Income
No matter your income level, it is always good to plan for the future to ensure that you will be financially stable to enjoy life to the fullest in your later years.  While we will be lucky if there [...]
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Ways to Shoot for Getting Rich in 2018

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Ways to Shoot for Getting Rich in 2018
Now this isn’t meant to get your hopes up that you will wake up in 2018 and automatically be rich, as it takes years upon years to get to that point, but the longer you put it off, the longer you wi [...]
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Tricks to Use to Become Financially Successful

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Tricks to Use to Become Financially Successful
If you take a look at your successful family and friends, what led them to that path?  Surely you can ask what advice they have to offer.  The household finances, especially if you share with a sign [...]
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Living an Organic Lifestyle on a Budget

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Living an Organic Lifestyle on a Budget
In these modern times, it is very common for aspects of our lives to be polluted by synthetic chemicals. This is the case for our food, furniture and clothing. Many people would prefer to live as natu [...]
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6 Smart Money Moves to Begin Making Now

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6 Smart Money Moves to Begin Making Now
Handling the household finances are tough, so much in fact that it’s no wonder why most do not hold down a successful budget and are in credit card debt.  Now, you don’t have to run a budget to b [...]
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What Is Residual Income and How Is It Different from Passive Income?

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What Is Residual Income and How Is It Different from Passive Income?
If you look into different ways to earn passive income for any amount of time, then you’ll probably notice that people will also often refer to it as “residual income”.  Though the two a [...]
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The best online savings accounts of 2019: How to find the best high yield online savings account

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The best online savings accounts of 2019: How to find the best high yield online savings account
Finding the right savings account can get you an extra $200 for free this year. Depending on your balance, it could make you a lot more money. Let’s say you have $10,000 to put into an online sa [...]
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April 2019 Net Worth Quarterly Update

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April 2019 Net Worth Quarterly Update
  This is my official Quarterly Net Worth Update for April 1st, 2019. Below are my actual numbers for ALL my investments and liabilities as of 03/31/2019. Detailed explanations and a quick summar [...]
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Building an Understanding of Your Market

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Building an Understanding of Your Market
When you’re running a business, your work never ends: one of the things you have to accept is that a business isn’t a single project that concludes successfully after you put in lots of work. It [...]
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How to get college scholarships in 2019 (how I got $100,000+)

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

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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 [...]
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Ways You Can Become Financially Stable

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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 [...]
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How to Save Money on Food Expenses

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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 [...]
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The Biggest Retirement Planning Mistakes

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

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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: [...]
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How to ask your boss for a promotion (with word-for-word scripts)

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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 [...]
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How to Reduce Monthly Money Wastes

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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 [...]
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Boosting Your Credit Score Can Save You Money

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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 [...]
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April 2018 Net Worth Update

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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 [...]
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Peer-to-Peer Lending and a Savvy Investment Portfolio

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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 [...]
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Honeymoon tour continued: My Rich Life travels in Africa

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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 [...]
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Money Dials: Why you spend the way you do

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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 [...]
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Money Mistakes You Should Avoid Going Forward

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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 [...]
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Honeymoon BTS: What a Rich Life looks like for me

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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 [...]
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5 common tax myths could cost you thousands

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

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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” [...]
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How You Can Avoid Any Potential Family Money Disasters

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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 [...]
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5 ways to take control of your finances

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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 [...]
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Reasons Why You’re Always Broke

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

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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 [...]
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Credit dispute: How to dispute any credit issue

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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 [...]
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How to freelance: 5 steps to profit

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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. [...]
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How You Can Save Money this Winter

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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 [...]
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How to negotiate rent to save THOUSANDS per year

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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 [...]
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Save Money by Accelerating Our Mortgage Payoff

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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 [...]
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Easy Ways to Cut Costs to Save Big Money

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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 [...]
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How You Can Stay On Top of Your Finances

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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 [...]
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Credit Card Mistakes You Could Be Making

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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 [...]
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7 Passive Income Ideas – That Aren’t Stocks

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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 [...]
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Improving a Credit Score

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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 [...]
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Ways to Avoid Overspending

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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 [...]
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Money Moves That Should Start to Occur Now

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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 [...]
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How to End the Days of Living Paycheck to Paycheck

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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 [...]
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How You Could be Hurting Your Credit Score

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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 [...]
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Why Using a Credit Card Makes Solid Financial Sense

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

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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 [...]
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Tax Consequences of Selling a Los Angeles Inherited House

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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 [...]
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