Digital Cash Envelopes – Who We Are and Where We are Going
We are a group of young personal finance (wanna-be) experts who believe in the cash envelope system: the budgeting system of our grandparents. Income is divided into budget categories (rent, insurance, groceries, etc.) and assigned an envelope with the budgeted amount of cash inside (say, $200 for groceries per month). This method eliminates impulse spending because you can only spend as much cash as you have in the envelope. When the envelope runs out, so does your opportunity to spend more money on that particular category. In the modern world of credit cards, however, generating a stockpile of cash and carrying it around with you is not very feasible. So, really, we believe in Digital Cash Envelopes.
This website, our online platform, can be used by people of all ages, but it caters specifically to three groups: teenagers, young adults, and their parents. We cover topics such as “How to Make Money While Attending College” and “How to Make Budgeting Not Suck For Teens.”
Some of the knowledge we share is from books and courses, other insights were earned through the school of hard knocks. Like this article on “What I Learned Running a Painting Business“
From working as a painter’s assistant one summer (there was a lot to learn) for close to minimum wage, to going on to owning a fence painting business, our ventures into business have allowed us to put away thousands of dollars for college and provided great learning opportunities (and some very painful ones).
We have multiple contributors who have saved up and gone on 18- or 24-month service missions as young adults. How we raised money and saved to pay our own way has led to an understanding of money.
There has been some fun along the way (Lake Powell Utah Rocks!) too, but adventure and enjoyment can also cost money. How to do it on the cheap is something else we learned, see our post “Spring Break On A Budget?” Heck we can even point you in the right direction when it comes to the cost of dating apps, check out “Spending Money on Dating Apps: Overview of Premium Features “
Because money is so closely associated with time, the earlier you learn to manage money, the better off you will be. So, we are here to teach the finance principles that young people need, especially the digital cash envelope system. And, it’s free!
