Question about how envelope method works exactly…

Budget101 Discussion List Archives Budget101 Discussion List Question about how envelope method works exactly…

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      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'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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Budget101 Discussion List Archives Budget101 Discussion List Question about how envelope method works exactly…