Question about how envelope method works exactly...- Budget101 Discussion List

Hi! I was just wondering how exactly anyone that does the envelope system makes it work. I was told by our mortgage lender that paychecks need to always go into a bank account to help show proof of income, so do

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  1. #1
    Amy & Dustin Roach
    Guest

    Default Question about how envelope method works exactly...


    Hi!



    I was just wondering how exactly anyone that does the envelope system

    makes it work. I was told by our mortgage lender that paychecks need

    to always go into a bank account to help show proof of income, so do

    you put the money in the bank and do an immediate withdrawl after it

    posts to the account and put it back in when its time to make that

    payment? I've tried setting up our bank acct. to auto pay partial

    bills all month, but this past time they took moneies out early and

    caused my account to go in the rears...costing me close to $100, and

    would give me no credit or real explination as to why the payments

    were posted Friday instead of Monday, like they were set up to do.



    We are constantly over shooting our budget and it is getting really

    old!



    TIA,



    Amy








  2. #2
    Idodc@aol.com
    Guest

    Default Question about how envelope method works exactly...




    MY paycheck goes into the bank... I have the autopays all set to withdraw the day after the check goes in... I hit the atm and withdraw what needs to go into the envelopes...

    I make an envelope for each week (i keep them to reuse the next month) I put
    example:

    Gas week of 10/1
    gas week 10/7
    gas week 10/14

    grocery 10/1
    grocery 10/7

    I put the rest of the envelopes in my little safe (where I keep documents that need to stay safe) and on monday I can get my envelope out for that week... I do not touch until then

    I go to the grocery store on payday and I try to buy everything we will need for the month (i use my debit card because that is still in the bank)

    alana


    See what's new at AOL.com and Make AOL Your Homepage.



  3. #3
    Monique Burkes
    Guest

    Default Question about how envelope method works exactly...


    As far as the automatic draft, my bank does the same thing. For example, I get paid this Friday, the 26th. If I have a bill payment set up to be paid on the 26th, they pull it out of my account on the 25th, which I didn't realize. My previous bank didn't do that. My previous bank didn't pull the money out of my account until the check actually cleared. Learned that lesson the hard way, but they refunded my $50 fee.


    But, yes, get direct deposit, then pull the necessary amount out in order to pay your "cash" bills (gas, groceries, clothing, etc).


    On 10/23/07, Amy & Dustin Roach[/b] <bgcandles@yahoo.com> wrote:







    Hi!

    I was just wondering how exactly anyone that does the envelope system
    makes it work. I was told by our mortgage lender that paychecks need
    to always go into a bank account to help show proof of income, so do
    you put the money in the bank and do an immediate withdrawl after it
    posts to the account and put it back in when its time to make that
    payment? I&#39;ve tried setting up our bank acct. to auto pay partial

    bills all month, but this past time they took moneies out early and
    caused my account to go in the rears...costing me close to $100, and
    would give me no credit or real explination as to why the payments
    were posted Friday instead of Monday, like they were set up to do.


    We are constantly over shooting our budget and it is getting really
    old!

    TIA,

    Amy



    --
    Monique
    Euclid, OH


  4. #4
    annette lisenbe
    Guest

    Default Question about how envelope method works exactly...


    I am starting the envelope system this paycheck so I don't have any tried and true experience yet. I plan to write out checks to pay the bills out of my checking account and thenwithdraw the remainder and divide this cash into spendingenvelopes. I'm hoping this will help me track and realize how much money is blown here and there on little stuff. __


    Annette in Alabama

    &#32;_____________________________________________ _____





  5. #5
    armstrca
    Guest

    Default Question about how envelope method works exactly...


    <DIV dir="ltr" align="left"><SPAN class="843095713-24102007">Usually, when you set up the auto pay, they will tell you that this check will be posted X # of days in advance (usually 3 - 5 days) so it will arrive by the date you set it up to be paid on. You will need to take the lag time into account, or don't set anything up to auto pay - just pay it manually - online at your bank (another reason why I don't set things up with individual companies - since I like being in control of my $$$ and can change things easily, when I want).
    <DIV dir="ltr" align="left"><SPAN class="843095713-24102007">
    <DIV dir="ltr" align="left"><SPAN class="843095713-24102007">Also, once you get the mortgage loan, you don't have to deposit your checks into the bank (unless you think you will refinance within the next year) and can use the envelope system.






    From: Budget101_@yahoogroups.com [mailto:Budget101_@yahoogroups.com] On Behalf Of Amy & Dustin Roach
    Sent: Tuesday, October 23, 2007 10:49 AM
    To: Budget101_@yahoogroups.com
    Subject: Budget101.com : Question about how envelope method works exactly...<SPAN class="843095713-24102007">
    <SPAN class="843095713-24102007">
    I've tried setting up our bank acct. to auto pay partial bills all month, but this past time they took moneies out early and caused my account to go in<SPAN class="843095713-24102007"><FONT face="Times New Roman" color="#000000" size="3">arrears



  6. #6
    Diane
    Guest

    Default Question about how envelope method works exactly...


    We use the envelope system. We decided on our budget and only the

    day-in-day-out type money comes out of the account and into my

    envelopes. I have envelopes for groceries, household items, pet

    supplies, gas/oil, dining out, clothing for DD and DH & I, scout money

    (I'm a leader I need to get supplies on a fairly regular basis),

    homeschool supplies (books, paper etc. - this envelope usually just

    builds up until the homeschool fairs), & entertainment. I divide up the

    money across these envelopes and pay out of these envelopes. There is

    no borrowing from one for the other. If my entertainment envelope is

    empty, no movie or whatever for us. Dining out, same thing (this

    envelope is mostly for Wednesday night dinner at church, a soda here or

    there while out, and "emergency meals" for DD after swim when she is

    *starving* and we have errands to run before going home to eat. Yes,

    yes, I know I should plan ahead and pack a meal..just doesn't happen though)



    Beyond that, all the money stays in the main bank account to pay the

    major bills. Some folks go so far as to open "sinking" fund savings

    accounts. Accounts to save up for things like a new car, vacation,

    Christmas, car repairs, home improvements. Once the $$ goal has been

    reached they take the money out and buy whatever they have been saving

    for and they pay CASH, no CCs allowed. We have gone totally to a

    CASH basis from livng on CCs, it was a tough few months living

    within/below our means but it has been so liberating! We took a 7 day

    Disney vacation last December on saved money and paid cash for it all.

    In two days DH and I are going back to WDW for an adult get away and we

    are paying cash for it too. It is so nice coming home from a relaxing,

    fun vacation and not worrying about the bills about to hit from the

    vacation! I keep saving up my "Entertainment" envelope funds to have

    some mad money for while we are down there.



    The biggest thing about envelopes is to budget and be disciplined.

    Commit to no CCs, take them out of your wallet. If you don't have the

    cash, you don't get it until you have saved the cash- real simple. To

    be fair, you should also have an emergency fund established so when

    things go wrong (and they will) you can use that to pay for

    car/vet/repair bills and not whip out the ole CCs.



    HTH!! Check out Dave Ramsey's site for some good guidelines.

    http://www.daveramsey.com/etc/cms/in...ContentID=2926



    Diane in GA






  7. #7
    Jen Scherr
    Guest

    Default Question about how envelope method works exactly...



    Oh I just hate auto pay things~!! We are now up to $644, THIS MONTH, in insufficient funds fees because and auto payment hit ONE day early, and this was a "hard date" I had set up with my credit union!! Oh I am jsut heart broken over this.....it is more than I make in a week at both my jobs put together! One has to be so careful withthe autopay system.

    <FONT size="6">



    ----- Original Message ----
    From: armstrca <carmstr1@ems.jsc.nasa.gov>
    To: Budget101_@yahoogroups.com
    Sent: Wednesday, October 24, 2007 7:02:39 AM
    Subject: Budget101.com : Re: Question about how envelope method works exactly...






    <DIV dir="ltr" align="left"><SPAN class="843095713-24102007">Usually, when you set up the auto pay, they will tell you that this check will be posted X # of days in advance (usually 3 - 5 days) so it will arrive by the date you set it up to be paid on. You will need to take the lag time into account, or don't set anything up to auto pay - just pay it manually - online at your bank (another reason why I don't set things up with individual companies - since I like being in control of my $$$ and can change things easily, when I want).
    <DIV dir="ltr" align="left"><SPAN class="843095713-24102007">
    <DIV dir="ltr" align="left"><SPAN class="843095713-24102007">Also, once you get the mortgage loan, you don't have to deposit your checks into the bank (unless you think you will refinance within the next year) and can use the envelope system.






    From: Budget101_@yahoogro ups.com [mailto:Budget101_ @yahoogroups. com] On Behalf Of Amy & Dustin Roach
    Sent: Tuesday, October 23, 2007 10:49 AM
    To: Budget101_@yahoogro ups.com
    Subject: Budget101.com : Question about how envelope method works exactly...<SPAN class="843095713-24102007">
    <SPAN class="843095713-24102007">
    I've tried setting up our bank acct. to auto pay partial bills all month, but this past time they took moneies out early and caused my account to go in<SPAN class="843095713-24102007"><FONT face="Times New Roman" color="#000000" size="3">arrears



  8. #8
    sbjmom2002
    Guest

    Default Question about how envelope method works exactly...


    I am trying the envelope method myself. I am using the cash method. I

    have envelopes marked and use that envelope only for that purpose. But

    I have read that you can use your debit card too. Just mark envelopes

    with an amount, put the reciepts in an envelope and subtract from your

    total. I don't think that it would work form me. Just like the

    checkbook I would forget to write something down. I don't see why you

    can't put your check in the bank then take it back out. I would just

    check to see if your bank will charge you a fee and you have to think

    about the number of checks you will have to write (and buy)



    Like I said I am new to this too. For me it is easier to see when the

    cash is gone.



    Good luck!!

    Michele








  9. #9
    donnalawn@verizon.net>
    Guest

    Default Question about how envelope method works exactly...


    we use a credit union for our banking and have used them for many years so it

    might be different at a big bank, but they are usually good about refunding

    bounced check fees in a situation such as this. You could try that. Never hurts

    to ask, especially if they want your business. I'd be sick over charges such as

    this. I don't get why they are so high anyway, its crazy.





    Donna NJ





    =====================

    From: Jen Scherr <jen@desertpleasureparties.com>

    Date: 2007/10/24 Wed AM 11:32:47 CDT

    To: Budget101_@yahoogroups.com

    Subject: Re: Budget101.com : Re: Question about how envelope method works

    exactly...





    Oh I just hate auto pay things~!!テつ We are now up to $644, THIS MONTH, in

    insufficient funds fees because and auto payment hit ONE day early, and this was

    a "hard date" I had set up with my credit union!!テつ Oh I am jsut heart broken

    over this.....it is more than I make in a week at both my jobs put together!テつ

    テつOne has to be so careful withテつthe autoテつpay system.

    テつ

    テつ----- Original Message ----

    From: armstrca <carmstr1@ems.jsc.nasa.gov>

    To: Budget101_@yahoogroups.com

    Sent: Wednesday, October 24, 2007 7:02:39 AM

    Subject: Budget101.com : Re: Question about how envelope method works exactly...





    Usually, when you set up the auto pay, they will tell you that this check will

    be posted X # of days in advance (usually 3 - 5 days) so it will arrive by the

    date you set it up to be paid on.テつテつ You will need to take the lag time

    into account, or don't set anything up to auto pay - just pay it manually -

    online at your bank (another reason why I don't set things up with individual

    companies - since I like being in control of my $$$ and can change things

    easily, when I want).テつAlso, once you get the mortgage loan, you don't have to

    deposit your checks into the bank (unless you think you will refinance within

    the next year) and can use the envelope system.

    テつFrom: Budget101_@yahoogro ups.com [mailto:Budget101_ @yahoogroups. com] On

    Behalf Of Amy & Dustin Roach

    Sent: Tuesday, October 23, 2007 10:49 AM

    To: Budget101_@yahoogro ups.com

    Subject: Budget101.com : Question about how envelope method works exactly...テつ

    I've tried setting up our bank acct. to auto pay partial bills all month, but

    this past time they took moneies out early and caused my account to go

    inテつテつarrears










  10. #10
    Jen Scherr
    Guest

    Default Question about how envelope method works exactly...



    Thanks I was thinking about checking out our local credit union myself, I have heard it is so much more beneficialthan a "regular bank" for lots of reasons. I am sick over it, I went into my account this morning and they had refunded $100 so I am SO GRATEFUL for this! I think they charge so much because they can.....they have to make money somewhere and it is always the people who don't have much that they make it off of. Think about it.....the people whohave plenty of money, the bank doesn't make anything off of them, so where else can they get it.....oh it makes me so mad!!!

    Oh well.....enough whining, I look atthe things in mylife that I am grateful for and focus on that!

    <FONT size="6">



    ----- Original Message ----
    From: "donnalawn@verizon.net" <donnalawn@verizon.net>
    To: Budget101_@yahoogroups.com
    Sent: Thursday, October 25, 2007 7:48:06 AM
    Subject: Re: Re: Budget101.com : Re: Question about how envelope method works exactly...





    we use a credit union for our banking and have used them for many years so it might be different at a big bank, but they are usually good about refunding bounced check fees in a situation such as this. You could try that. Never hurts to ask, especially if they want your business. I'd be sick over charges such as this. I don't get why they are so high anyway, its crazy.

    Donna NJ

    ============ =========
    From: Jen Scherr <jen@desertpleasurep arties.com>
    Date: 2007/10/24 Wed AM 11:32:47 CDT
    To: Budget101_@yahoogro ups.com
    Subject: Re: Budget101.com : Re: Question about how envelope method works exactly...

    Oh I just hate auto pay things~!!ツ We are now up to $644, THIS MONTH, in insufficient funds fees because and auto payment hit ONE day early, and this was
    a "hard date" I had set up with my credit union!!ツ Oh I am jsut heart broken over this.....it is more than I make in a week at both my jobs put together!ツ ツOne has to be so careful withツthe autoツpay system.

    ツ----- Original Message ----
    From: armstrca <carmstr1@ems. jsc.nasa. gov>
    To: Budget101_@yahoogro ups.com
    Sent: Wednesday, October 24, 2007 7:02:39 AM
    Subject: Budget101.com : Re: Question about how envelope method works exactly...

    Usually, when you set up the auto pay, they will tell you that this check will be posted X # of days in advance (usually 3 - 5 days) so it will arrive by the date you set it up to be paid on.ツツ You will need to take the lag time into account, or don't set anything up to auto pay
    - just pay it manually - online at your bank (another reason why I don't set things up with individual companies - since I like being in control of my $$$ and can change things easily, when I want).ツAlso, once you get the mortgage loan, you don't have to deposit your checks into the bank (unless you think you will refinance within the next year) and can use the envelope system.
    ツFrom: Budget101_@yahoogro ups.com [mailto:Budget101_ @yahoogroups. com] On Behalf Of Amy & Dustin Roach
    Sent: Tuesday, October 23, 2007 10:49 AM
    To: Budget101_@yahoogro ups.com
    Subject: Budget101.com : Question about how envelope method works exactly...ツ
    I've tried setting up our bank acct. to auto pay partial bills all month, but this past time they took moneies out early and caused my account to go inツツarrears






  11. #11
    angelsinc_queen
    Guest

    Default Question about how envelope method works exactly...




    I have to cirumvent any problems with the bank pulling out the money

    before it's in there, is to actually make sure I send the payment a

    few days after my check is scheduled to be deposited. I double check

    every month to be sure that the date it's supposed to be pulled out

    is on the right day, if not, I change it.





    -- In Budget101_@yahoogroups.com, "Monique Burkes" <motherof1@...>

    wrote:

    >

    > As far as the automatic draft, my bank does the same thing. For

    example, I

    > get paid this Friday, the 26th. If I have a bill payment set up

    to be paid

    > on the 26th, they pull it out of my account on the 25th, which I

    didn't

    > realize. My previous bank didn't do that. My previous bank

    didn't pull the

    > money out of my account until the check actually cleared. Learned

    that

    > lesson the hard way, but they refunded my $50 fee.

    >

    > But, yes, get direct deposit, then pull the necessary amount out

    in order to

    > pay your "cash" bills (gas, groceries, clothing, etc).

    >

    >

    > On 10/23/07, Amy & Dustin Roach <bgcandles@...> wrote:

    > >

    > > Hi!

    > >

    > > I was just wondering how exactly anyone that does the envelope

    system

    > > makes it work. I was told by our mortgage lender that paychecks

    need

    > > to always go into a bank account to help show proof of income,

    so do

    > > you put the money in the bank and do an immediate withdrawl

    after it

    > > posts to the account and put it back in when its time to make

    that

    > > payment? I've tried setting up our bank acct. to auto pay partial

    > > bills all month, but this past time they took moneies out early

    and

    > > caused my account to go in the rears...costing me close to $100,

    and

    > > would give me no credit or real explination as to why the

    payments

    > > were posted Friday instead of Monday, like they were set up to

    do.

    > >

    > > We are constantly over shooting our budget and it is getting

    really

    > > old!

    > >

    > > TIA,

    > >

    > > Amy

    > >

    > >

    > >

    >

    >

    >

    > --

    > Monique

    > Euclid, OH

    >










  12. #12
    Thomas & Tracy Harris
    Guest

    Default Question about how envelope method works exactly...



    I just changed banks due to INF fees, they double charged me, and wouldn't even look at my point of view, so see ya later.

    Thomas & Tracy Harris
    TNT Quarter Horses home of:
    TNTS Jack Be Blue - 2004 AQHA Buckskin Stallion
    TNTS Medicine Man - 2005 AQHA Perlino Stallion

    [quote]
    ----- Original Message -----
    From: Jen Scherr
    To: Budget101_@yahoogroups.com
    Sent: Thursday, October 25, 2007 12:36 PM
    Subject: Re: Re: Budget101.com : Re: Question about how envelope method works exactly...




    Thanks I was thinking about checking out our local credit union myself, I have heard it is so much more beneficialthan a "regular bank" for lots of reasons. I am sick over it, I went into my account this morning and they had refunded $100 so I am SO GRATEFUL for this! I think they charge so much because they can.....they have to make money somewhere and it is always the people who don't have much that they make it off of. Think about it.....the people whohave plenty of money, the bank doesn't make anything off of them, so where else can they get it.....oh it makes me so mad!!!

    Oh well.....enough whining, I look atthe things in mylife that I am grateful for and focus on that!

    <FONT size="6">



    ----- Original Message ----
    From: "donnalawn@verizon.net" <donnalawn@verizon.net>
    To: Budget101_@yahoogroups.com
    Sent: Thursday, October 25, 2007 7:48:06 AM
    Subject: Re: Re: Budget101.com : Re: Question about how envelope method works exactly...





    we use a credit union for our banking and have used them for many years so it might be different at a big bank, but they are usually good about refunding bounced check fees in a situation such as this. You could try that. Never hurts to ask, especially if they want your business. I'd be sick over charges such as this. I don't get why they are so high anyway, its crazy.

    Donna NJ

    ============ =========
    From: Jen Scherr <jen@desertpleasurep arties.com>
    Date: 2007/10/24 Wed AM 11:32:47 CDT
    To: Budget101_@yahoogro ups.com
    Subject: Re: Budget101.com : Re: Question about how envelope method works exactly...

    Oh I just hate auto pay things~!!ツ We are now up to $644, THIS MONTH, in insufficient funds fees because and auto payment hit ONE day early, and this was a "hard date" I had set up with my credit union!!ツ Oh I am jsut heart broken over this.....it is more than I make in a week at both my jobs put together!ツ ツOne has to be so careful withツthe autoツpay system.

    ツ----- Original Message ----
    From: armstrca <carmstr1@ems. jsc.nasa. gov>
    To: Budget101_@yahoogro ups.com
    Sent: Wednesday, October 24, 2007 7:02:39 AM
    Subject: Budget101.com : Re: Question about how envelope method works exactly...

    Usually, when you set up the auto pay, they will tell you that this check will be posted X # of days in advance (usually 3 - 5 days) so it will arrive by the date you set it up to be paid on.ツツ You will need to take the lag time into account, or don't set anything up to auto pay - just pay it manually - online at your bank (another reason why I don't set things up with individual companies - since I like being in control of my $$$ and can change things easily, when I want).ツAlso, once you get the mortgage loan, you don't have to deposit your checks into the bank (unless you think you will refinance within the next year) and can use the envelope system.
    ツFrom: Budget101_@yahoogro ups.com [mailto:Budget101_ @yahoogroups. com] On Behalf Of Amy & Dustin Roach
    Sent: Tuesday, October 23, 2007 10:49 AM
    To: Budget101_@yahoogro ups.com
    Subject: Budget101.com : Question about how envelope method works exactly...ツ
    I've tried setting up our bank acct. to auto pay partial bills all month, but this past time they took moneies out early and caused my account to go inツツarrears







  13. #13
    Dee Bleau
    Guest

    Default Question about how envelope method works exactly...


    I do that. I have Direct Deposit into our accoutn then I take it back out and leave like $50.00 I do this becasue my husband was not telling me when he took $$ out and checks would bounce. Now I get $$ orders. It is worth the peace of mind to know they are pd.

    sbjmom2002 <sbjmom2002@yahoo.com> wrote: I am trying the envelope method myself. I am using the cash method. I
    have envelopes marked and use that envelope only for that purpose. But
    I have read that you can use your debit card too. Just mark
    envelopes
    with an amount, put the reciepts in an envelope and subtract from your
    total. I don't think that it would work form me. Just like the
    checkbook I would forget to write something down. I don't see why you
    can't put your check in the bank then take it back out. I would just
    check to see if your bank will charge you a fee and you have to think
    about the number of checks you will have to write (and buy)

    Like I said I am new to this too. For me it is easier to see when the
    cash is gone.

    Good luck!!
    Michele




    <FONT face="comic sans ms" color="#ff0000" size="3">Dee <FONT face="Comic Sans MS" color="#ff0000" size="3">Mary Kay Consultant @ <FONT face="Comic
    Sans MS" color="#ff0000" size="3">Mom to Kyle 08/11/91
    <FONT face="Comic Sans MS" color="#ff0000" size="3">Mom to Stephanie 03/25/97 <FONT face="Comic Sans MS" color="#ff0000" size="3">Wife to Jeff 09/28/02 <FONT color="#800080">http://christmasbaby71.spaces.live.com/ <FONT color="#800080">Check out My New Blog SIte!!!


  14. #14
    Carrie Black
    Guest

    Default Question about how envelope method works exactly...


    This is a good idea. My husband does the same thing and then we have stuff bounce. Carrie

    Dee Bleau <dejeffbleau@yahoo.com> wrote: I do that. I have Direct Deposit into our accoutn then I take it back out and leave like $50.00 I do this becasue my husband was not telling me when he took $$ out and checks would bounce. Now I get $$ orders. It is worth the peace of mind to know they are pd.

    sbjmom2002 <sbjmom2002@yahoo.com>
    wrote: I am trying the envelope method myself. I am using the cash method. I
    have envelopes marked and use that envelope only for that purpose. But
    I have read that you can use your debit card too. Just mark envelopes
    with an amount, put the reciepts in an envelope and subtract from your
    total. I don't think that it would work form me. Just like the
    checkbook I would forget to write something down. I don't see why you
    can't put your check in the bank then take it back out. I would just
    check to see if your bank will charge you a fee and you have to think
    about the number of checks you will have to write (and buy)

    Like I said I am new to this too. For me it is easier to see when the
    cash is gone.

    Good luck!!
    Michele




    <FONT face="comic sans
    ms" color="#ff0000" size="3">Dee <FONT face="Comic Sans MS" color="#ff0000" size="3">Mary Kay Consultant @ www.marykay.com/dbleau <FONT face="Comic Sans MS" color="#ff0000" size="3">Mom to Kyle 08/11/91 <FONT face="Comic Sans MS" color="#ff0000" size="3">Mom to Stephanie 03/25/97 <FONT face="Comic Sans MS" color="#ff0000" size="3">Wife to Jeff 09/28/02 <FONT color="#800080">http://christmasbaby71.spaces.live.com/ <FONT color="#800080">Check out My New Blog SIte!!!


    &#32;_____________________________________________ _____





  15. #15
    Herlean
    Guest

    Default Question about how envelope method works exactly...


    One thing you may want to consider is using TWO different banks. Completely separate. Use the First Bank ofA for part of your money and the Fourth Bank ofC for another part of your money. That way, even if you are subjected to a fee or two, you will not be completely wiped out and penniless until it is straightened out. For example, if you and your husband are both working, have one paycheck go to one bank and the other paycheck to another bank. Another way would be to put all the money in one account and then deposit just enough to pay your bills for that month into the other account. Say, one of you gets paid $1,000 every two weeks. Have that go into Account #1 at A bank. Then, the other one gets paid $950 every two weeks. Have that deposited into Account #1 at A bank as well. Go and remove
    $700 needed to pay the bills and deposit it into the second bank account, get checks written off of that and pay the bills. If something happens to the $700 (fees, etc.), you still have the remaining funds to get by on. Herlean

    angelsinc_queen <angelsinc_queen@yahoo.com> wrote:
    I have to cirumvent any problems with the bank pulling out the money
    before it's in there, is to actually make sure I send the payment a
    few days after my check is scheduled to be deposited. I double check
    every month to be sure that the date it's supposed to be pulled out
    is on the right day, if not, I change it.


    -- In Budget101_@yahoogroups.com, "Monique Burkes" <MOTHEROF1>
    wrote:
    >
    > As far as the automatic draft, my bank does the same thing. For
    example, I
    > get paid
    this Friday, the 26th. If I have a bill payment set up
    to be paid
    > on the 26th, they pull it out of my account on the 25th, which I
    didn't
    > realize. My previous bank didn't do that. My previous bank
    didn't pull the
    > money out of my account until the check actually cleared. Learned
    that
    > lesson the hard way, but they refunded my $50 fee.
    >
    > But, yes, get direct deposit, then pull the necessary amount out
    in order to
    > pay your "cash" bills (gas, groceries, clothing, etc).
    >
    >
    > On 10/23/07, Amy & Dustin Roach <BGCANDLES>wrote:
    > >
    > > Hi!
    > >
    > > I was just wondering how exactly anyone that does the envelope
    system
    > > makes it work. I was told by our mortgage lender that paychecks
    need
    > > to always go into a bank account to help show proof of income,
    so do
    > > you put the money in the bank and do an
    immediate withdrawl
    after it
    > > posts to the account and put it back in when its time to make
    that
    > > payment? I've tried setting up our bank acct. to auto pay partial
    > > bills all month, but this past time they took moneies out early
    and
    > > caused my account to go in the rears...costing me close to $100,
    and
    > > would give me no credit or real explination as to why the
    payments
    > > were posted Friday instead of Monday, like they were set up to
    do.
    > >
    > > We are constantly over shooting our budget and it is getting
    really
    > > old!
    > >
    > > TIA,
    > >
    > > Amy
    > >
    > >
    > >
    >
    >
    >
    > --
    > Monique
    > Euclid, OH
    >




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