Only 1% of People Know This Money Saving Trick | How To Save Money Faster #Best Education Page #Online Earning

What if I told you that a small change in how you manage your money could leave

you in a better financial position than 99% of people you know well in this

video I'm gonna share with you how to save money faster by employing the

envelope method and if you're new to the channel hit the subscribe button below

for more life-changing content so what is the envelope method simply put the

envelope method is a way to track exactly how much money you have in each

budget category for the month by keeping your money tucked away in envelopes then

at the end of the month you can see how much cash is left by taking a quick peek

in your envelope sounds easy enough right

now before I walk you through the exact steps you need to take to employ the

envelope method in your own life let me first tell you who should be using this

technique and why it is so effective for many people saving money can be tough

while most know that's saving money whether that's for a big purchase or

retirement is important millions of people in the United States still find

themselves with little to no savings because of poor financial management

skills to compound this problem spending money has never been easier as with one

type of your credit card you can be spending your whole paycheck in a blink

of an eye so if you're someone who is a tappa holic and constantly finds

themselves overspending then this method is for you now let's talk about why this

method is so effective in short this method involves three important aspects

budgeting tracking and restriction well you may have just cringed at the thought

of budgeting this aspect of the method is key to saving more money than you

ever have before you see most people find themselves overspending because

they have no real plan for how they will shell out their money they simply see

things they want tap their credit card and go on about their lives both the

budgeting phase of the envelope method you will have a plan in hand when

starting your month then there's tracking as you begin to spend the money

you've allocated to each envelope you will naturally start to track how fast

your money is being spent finally there's restriction as you know

with credit cards the ability to spend is almost endless however with the

envelope method once the cash in your envelope runs out that's it for the

month therefore by restricting your spending

you will be sure to start seeing your savings grow

now that you know why you should use the envelope method let's go over the four

steps it will help you saving more money than ever before step number one create

budget categories after getting your hands on some envelopes where you will

want to do is identify all the categories of items you buy on a monthly

basis and this is especially important for those cost categories you always

seem to overspend on on each of the envelopes write down the name of the

category some of the most common groups include groceries gas rent clothes and

entertainment in order to determine which categories you'll need I found it

helpful to review my prior month's credit card statement and group common

purchases for my envelopes step number two determine your budget amounts the

first step in assigning your budget amounts is to identify how much you are

making after tax on a monthly basis this number is often easiest found on your

pay stub or as a deposit in your checking account and if you get paid

twice a month then multiply this amount by two once you have your monthly after

tax income figure the next step is to determine your savings target for

instance maybe your annual goal is to say $5,000 this year well on a monthly

basis you would need to stash away around four hundred and twenty dollars

once you know how much you want to save you can determine how much you have to

allocate to your envelopes for example if you make $3,000 after-tax and want to

save four hundred dollars then that means you can distribute twenty six

hundred dollars between your budget categories but how much should you put

in each envelope this is where you will go back to your credit card statements

and calculate how much money you were spending on each budget category on a

monthly basis step number three fill your cash envelopes at this point you

know exactly how much you make after tax every month how much you want to save

and how much cash you will put in each of your envelopes the next step is to

gather your cash head down to your bank and withdraw the amount you've

designated towards all of your envelopes once you've secured your cash fill each

one of your envelopes with the amount you designated to it in step number two

step number four spend according to your envelopes while the last few steps have

set you up for saving success step number four is the most crucial in your

efforts to save money fast the key to the envelope method

to spend only what you have allocated to each budget category meaning that once

the cash runs out you're spending ceases where people go wrong is that they

supplement their spending by charging their credit card which is how they got

into money troubles in the first place this means that when you go grocery

shopping with your envelopes if your items amount to more money than your

envelope pause you must make decisions of which items must go back on the shelf

after you start implementing this money-saving strategy you'll start to

notice that your envelope will become thinner and thinner as you start making

purchases will make you more conscious of how you spend your money you may even

find yourself not spending all of your allotted cash on more discretionary

categories like clothes and entertainment so if this happens what

should you do my advice is to put any extra cash into your savings which will

allow you to reach your savings school faster and have that piggy bank busting

at the seams thanks for watching if you want to go from the life you have to the

life you deserve then hit the subscribe button now

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