SETX Women’s Ministry – Dave Ramsay Update by Debbie Slaughter

Women’s Ministry Southeast Texas – Dave Ramsey Update by Debbie Slaughter

On today’s SETX Women’s Ministry Spotlight, we share some tips on good stewardship from Southeast Texas Christian blogger Debbie Slaughter:

If you’re a Dave Ramsey fan or even just a “cash only” fan, you might appreciate this post.

As a long time Dave Ramsey follower, I’ll admit that I’ve tried his Envelope System more than once and failed at it, more than once. But, because I believe in the method, I just keep trying! So, anytime I see a new tool that might possibly help me along in this quest, I try it!

In case you’ve never heard of the Envelope System, let me do a quick explanation of what it is:

This is a CASH ONLY system that you use with a set of envelopes that hold your money.

You create an ENVELOPE for each “CASH” category in your BUDGET and you carry only that allotted amount of cash with you, in order to keep you from overspending. (I’m strong willed, so it’s not an easy job – keeping me in line!)

I’ve tried Dave’s Envelopes, but found that they got messy if I wrote on them, plus I didn’t like to have my budget right on the outside of the envelope, for everyone to see.

Next I tried Dave’s “Envelope Wallet”, which looks like a normal, lady’s wallet, but has the divided sections for your cash categories, instead of envelopes. However, the problem is that when you unzip your wallet to take out your money, the person behind you (assuming you’re in a line) will be able to see that you have a wallet full of cash. This always freaks me out, because I’m just suspicious, that way.

I’ve tried a few other gadgets that I’ve created myself, but they never seem to really fit what I’m looking for, so I usually give up. Well, let’s be honest……I give up for many reasons, but I’ll stick to blaming it on NOT having the proper tools!

So, last week, I came across a blog by Christy Fitzwater where she describes the tool that she uses to keep her ENVELOPE SYSTEM going and it appealed to me, so I made one. And, what kind of a friend would I be, if I didn’t share this great idea with you?

Here’s what I did and how it came out:

Step 1: Find a cute little notebook

Step 2: Go around town to all the Office Depots until you find a stack of these:

(You’ll want to figure out how many categories of cash you will be carrying. These aren’t cheap, so don’t buy more than you actually need.)

Step 3: Put some sort of divider in front of each clear pocket.

This defines your categories and also keeps people from seeing all of your pockets full of cash.

I used some dividers that I happened to have, but you could actually make a set of these, out of card stock.

Step 4: Use your label maker to label each category.

Step 5: Fill with Cash!

Step 6: Slip in a notecard to keep track of your spending. (You might prefer to keep your receipts for reference, but that would get too messy and bulky, so if you don’t need them – toss them!)

(I list the amount I start with and each time I purchase something out of that pocket, I write the date and the amount on the card.)Last Step: Use it!

The key to making the Envelope System a success is to:*Have a budget with specific categories for CASH ONLY.
(We use cash for: Gas, Groceries, Eat Out, Pets, Hair Cuts, Allowance, Fun, and Misc.)*Go to the bank every pay period and take out the allotted amount of cash you need until the next pay check. It’s best to carry only one week’s worth with you, for safety’s sake. Leave the rest at home and re-fill your envelopes (or pockets) when the next week rolls around.*Only spend what you have on hand.Spending cash does allow you to see how fast money goes. I’ve tried it both ways – cash or check card – and when I see my cash going or know that I only have a $20 bill left, I tend to check my priorities a little more. (Are those burgers really worth my last $20 bill?) It hurts a little more when you use cash!So there you have it! Another tool in your toolbelt! It’s up to you whether you use it or not.As for me, I’m going to attempt another round with the cash only plan.It just makes sense (or cents)!

SetxChurchGuide.com: This is the kind of information we love to share on Setx Church Guide. Practical, useful, information that can be truly life changing for Southeast Texas Christians. I would not be surprised to see this blog post go nationwide. Thank-you to guest blogger Debbie Slaughter for really going above and beyond with this information. Our family uses a version of Dave Ramsay’s envelope systems as well. We write the starting amount on each envelope and subtract what we took out and when. We keep an envelope for “tithe” and an envelope for long-term expenses like car insurance, house insurance, and taxes. It is a huge help and has especially helped us with categories like groceries, entertainment, and discretionary spending. If you have issues with budgeting, Debbie’s version appears very clean, elegant, and manageable. We’d love for those of you who try Debbie’s version to e-mail us with your results and any modifications you made for your family. If you’d like more of Debbie’s insights please visit her wonderful blog.

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