I work at CapOne. You can have 20 savings account and 10 checking account. They are SO convenient. I have 2 checking, 1 saving and another savings at a different bank. I used to have 8 savings accounts, but it started to get hectic lol. Great video.
Ever since I searched budgeting videos on here (and was very inspired by your system!) I have been doing this: I leave in my checking account half of what I need for all bills each paycheck and its all set up for autopay and anything that's left after I calculate how much half of all bills is, is what I withdraw for cash envelopes. Only thing I do worry about is now it looks like my husband and I have a lot of what LOOKS like "extra money" sitting in the checking account so I keep reminding both of us that no, it has a purpose already so we can't use it! I honestly hate driving to the bank (and anywhere that is an extra errand that I could take care of online) so I don't think the 100% cash envelopes that you were doing was going to work for us. So far we are doing great with things this way!
That totally makes sense and I'm glad you adapted it to what worked for you and your life! I was just SO bad at spending before that seeing any money in my checking account was bad news for me and it would soon be gone lol and then I'd be scrambling to pay bills. But now that I'm more disciplined, I'm ready to make a change! I hope this continues to work great for you and your husband!
Ahhh!! Not to panic you but Christmas is in 68 days! 😂 Get on it, girly! And then as soon as Christmas passes set up a sinking fund for next year! It is seriously SO SO nice not having to worry about where that money is going to come from!
@@alyssamakesamigurumi I KNOW! I do this every year but I want to break my bad habit. I waste so much on Christmas because my moms birthday is December 25 so I have to buy double the presents. Since my husband is working a lot of overtime this month, were going to start putting 100 every check. He gets paid weekly. So hopefully we will have a good amount around the end of November. Lol
The way you wrote out your list was stunning! And that pen looks like it’s writes really well. I’m a sucker for pens and office supplies 😂 love your videos!
I started out to get an idea for budgeting then your handwriting blew me away and I could care less what I came here for, I just wanted to see you write more!
@Iuliana Mindru yeah I probably should label every dollar. I do usually leave a few dollars in my checking instead of putting it all in envelopes which has been my undoing
I actually saw someone who does a similar method to cash envelopes. They said that the way they balance it out is anything they had to borrow from another envelope is replenished by the envelope they need the least. So if they had one for clothing and they fell short on, say, gas, they would borrow from clothing since they could go without an extra item of clothing
@@gymnastReena The envelope method works different for everyone! Personally I did the same (I would steal from other envelopes and it wasn't helping) so I watched a video where you can simplify it by only doing three envelopes. The video is from Jordan Page. I modified it a little for me because I'm a college student not a mom so my budget is different. It's all about finding out what works for your lifestyle.
I JUST RECIEVED MY CASH ENVELOPES I ORDERED FROM ETSY! I’m so excited and I want to say thank you for doing these amazing videos! I would’ve never done this if it wasn’t for your really cool videos! I’m so excited to stuff these envelopes with you for our next paycheck! Lots of love from San Francisco California💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕
Glad to see you making changes as you grow in your journey. I have recently done the same in the way that I record my information. I love my Capital One!!!
Savannah Thomas I’m definitely still doing envelopes! I just took a couple of them virtual. There will still be a cash envelope stuffing every other week and I’ll definitely talk you guys through what I’m putting in my virtual envelopes too!
@@alyssamakesamigurumi thanks so much for replying! Thank you for still continuing the cash envelope stuffing for us!! It has definitely helped me so thanks so much for that! Good luck on the virtual adventure also!
You're videos have been so helpful! I haven't started the exact cash envelope method but i do gather ideas here and there that make budgeting so much easier for me
Question: could you possibly make a video on Capitol one 360? I've been wanting to do it for the longest time but I'm a little scared of it. A lot of people on here does that method and I'm just curious. Thank you.
Thrifty Asian i would also love this. I cant figure out how to transfer my money from my account with another bank into the account i created with capital one.
@@heathercox4774 you link your reg bank act to the 360 act and transfer that way. Also by direct deposit from employment. Keep in mind it takes 1 day to TX into the 360 and 3 business days to get it into your regular act.
Lol, when I hear a burp, hiccup, or sneeze I'm so used to hearing "excuse me!" Or something therein... I didn't realize how much it stands out when I don't. :-( Thanks for such a detailed video. I've tried out a couple of versions now myself. For long term bills (touch once a month to add to) sitting in the safe oversized system on diskbound is great. And for the monthly money out bills, the system works great too
I keep saying I’m gna do this and I still haven’t started LOL! I have my money everywhere and this would definitely help me! I have money in my wallet, in my checking account that i get paid into, in my savings account, then I also get tips so I have a stack of cash at my house with tips lol. It’s always so overwhelming!! i just don’t know where to start! i tried making a list of things that need envelopes but idk if i’m making too many or not enough? but with the holidays coming and my boyfriends birthday coming up I have a lot of stuff i have to pay for soon.
Honestly just go for it and get started! It's trial and error! You don't have to have it perfectly figured out at first. As you go along you'll probably take away envelopes or add envelopes, I do that all of the time!
First you need to track your spending, bills, debts etc for 3 months cut unnecessary things, call company to change your bill cycle if necessary, set a goal then create a budget. Look at your finance as whole you'll see pattern. Put all your money in one place assigned each dollar to each categories but leave some extra for unexpected things if it doesn't get use by end of the month then you can pay down debt, saving etc. I have multiple accounts (main account, bills, saving, living expenses, sinking funds, investment) with my local banks for free and I also link all my investments under the bank website that way I really have a good view of all my networth. I also automated everything and transfer money from my main checking to other accounts on the 1st of each month that way everything is already taking care of. I only take cash out once a week for personal spending my problem area. I think people tend to go overbroad with envelope system having categories for everything and try to track can get overwhelmed. I can just look at the balance and know how much I have left in that category. Anything I want to spend outside of those categories will be from extra cash remainding from my main account or I need to save up in sinking fund for it. With any method it's requires a mindshift and discipline. I used this method to get out of debt including my mortgage. Just like Alyssa said it's trail and error took me good 3 to 6 months to get it down and something i can stick to. Just try and see what works for you. Good luck on your journey.
You should consider just increasing what you set aside for Disneyland and put it in the savings account. Not sure why you should keep an envelope for Disney essentials. Better to earn interest on it even if it’s a small amount. I lie your organization but I can’t help but wonder why you get separate cash denominations in the bank, put them in envelopes, then turn around and deposit it in the bank. Why not direct deposit then cash out for envelopes you will need daily like groceries, gas, dining, etc.? I’m a treasury manager. I manage my own funds very well with a great budget but it’s more digital. Let me know if you want any direction. It’s a huge timesaver.
I like to keep that money in cash for the exact same reason why I keep other envelopes in cash: to reduce spending and limit over-spending. If that money was on a card it's easy to swipe away and not really be conscious of how much you're spending. I like to walk into Disneyland with $XX cash and when I'm done spending that, that's all of my money for the day! Spending cash is proven to trigger a "pain-like" response and makes you spend less money than on a card. Also, I'm not going to be re-depositing into the bank anymore. That's the purpose of this video 😊 Setting up my CapitalOne account so I can just transfer to that account and have my bills separate. But for envelopes I still use cash for (gas, groceries, spending, etc.) that's exactly what I do. I have my paycheck going into my checking account via direct deposit, and I take the cash out that I need for those envelopes.
Been an accountant and 100% debt free it's interesting seeing other people managed their money. Number one issue is self discipline and lack of knowledge on personal finance. Personal I think some people makes it too complicated and go over board with the cash system. A lot of it can be automated makes less stressful. Just needs several accounts like one main account, saving, bills and sinking funds. Only use cash on things that I having issue sticking but personal finance is personal do what's work for you.
Whoa I haven't dealt with US cash in so long. It's cool seeing the piles. Lol. In Japan denominations below 1000 yen (a bit less than 10 dollars) are coins. This cash envelope system is fun to watch even though it doesn't work for me. Japan still has a lot of cash only places though so I always have at least some yen on me. Which does help in a sense keep me more aware of what I'm spending.
I LOVE THE WAY YOU WROTE THE TITLE!!! 😍😍😍 You have suuuuper pretty handwriting. And I am obsessed with pens, where did you get the pen from that you are using or what brand is it??
Can you do a detailed video on how you did the switch over to CAP360? Checking, savings, how many accounts, things to consider, things to make sure are done ahead of time etc etc? That would be awesome!
I was literally waitingggg for this, love ittt lmao Can you tell us about your MacBook? Like do you make monthly payments and pay off with your debit snowball?
So I got the "Barclay" card through the Apple store and purchased it that way. It's 0% interest if paid in full within 18 months. It's due every month on the 5th, and I think my minimum is like $27 but of course I'm paying more than that! So every month when it's due on the 5th I just take all of the money I've saved for "debt snowball" and pay that amount towards it! So it should be taken care of next paycheck 😊
Can’t wait until my birthday my bf is getting me supplies so I can stop using my basic white ones. This is cool but I know if I have my money grouped together like this I will be tempted to spend. I’m still a baby budget-er. Lol
Totally take your time! I did the individual envelopes for SO long and it was so helpful. Even though it doesn't make sense to a lot of people, do it your way girl! Whatever makes sense to you! This way served me well for years and years even if it was a little less convenient. You've got to learn how to flex that "frugal muscle" as I like to call it lol and in a few months or a few years maybe you'll be ready to take things more digital. But all in your own time 😊
Did you buy your car brand new? I'm guessing so since you owe so much on it, if you could go back would you have gotten maybe the same model, but a used version?
chakayla spruill I did, and if I could go back I’d buy a car for cash! I was “off the wagon” at that point and definitely justified the purchase in my head, but looking back it wasn’t the smartest. At the very least I would’ve purchased a much older version of my car. But ideally something 100% cash. I just had such a bad taste in my mouth from the awful used cars I was dealing with that I wanted something “worry-free”. Luckily I should have this car paid off in a year or so and I plan on driving it for at LEAST the next 7 or 8 years.
Question! 🙋🏼♀️ So with this capitol one account. Are you putting all of your bills into one checking account now specifically set up to pay for bills only? Or are you having multiple accounts set up for each individual bill? If that makes sense. Lol. I find this super interesting! And I might wanna try this out. ❤️
Thank you! I hope you guys don't really notice that my left thumb is bare 😂 That peeled off day 1 because I was dumb and got some of the polish on my skin, so that made it super easy for it to lift. But it's from the brand "Red Carpet Manicure"!
you inspired me to start budgeting! thank you! quick question -- what do you use "spending" money for? i'm assuming it's not the same as entertainment/going out.. thanks!
Love this idea. I just opened up a saving. However I was curious to know when you opened these accounts? I just opened the one account and was going to open more but it felt kind of odd to do them all back to back. Also I would like a video on how you are going to stuff your accounts. I know it makes it a bit difficult because it says the last 4 of your account but if you blur it out somehow when you edit. We could still see what you are doing without you feeling like you exposed your personal information on the internet.
i’m in awe just watching you write. what kind of pen is that? it looks like it writes super smoothly and i kinda have an obsession with collecting nice pens
Alyssa Herbert i found it! www.amazon.com/Cross-Edge-Capless-Black-AT0555-2/dp/B0044R7F12/ref=mp_s_a_1_2?ie=UTF8&qid=1539929033&sr=8-2&pi=AC_SX236_SY340_QL65&keywords=cross%2Bbrand%2Bpens&dpPl=1&dpID=21uoHfWp8HL&ref=plSrch&th=1&psc=1 looks amazing
Hey Alyssa ! I was wondering and u may have answered this already BUT how do u pay ur bills online with different accounts with the Capital One 360? Thanks ! Love ur videos so so much 💜💜💜
What do you use your Wells Fargo checking and savings for now that you opened accounts with Capital One? Love your videos! Edit: what exactly is the Disneyland bill?
Unfortunately between work, school, and my channel I barely have time to sleep right now let alone make envelopes. I'll let you guys know when they're back up on my shop. But I do have a tutorial on how to make your own if you'd like 😊
Kirsten Ponusky I just looked into it based on this video-it’s basically an online bank, so it would be separate from your current bank account. It’s like she’s opening another account with another institution.
My whole life I've tried to have nice handwriting, but it's really improved in the last two years or so since I've started getting into modern calligraphy/handlettering and watching a ton of youtube videos on that!
I'm having a hard time finding videos of people showing how they handle the envelopes through the week and month. Could you do one of those? Or if she's done one could someone link it here? I do okay with the allocation part but figuring out how to manage the envelopes and plan for spending from them is the hard part for me And for a lot of people i think
I've written myself a check before, and right now I'm working on adding my bank account to my Capital One as an account that can do transfers. Maybe I'll make a video on that in the future!
Hey Alyssa, I love your videos! I just have a quick question (please don't take offense to this)! You mentioned that youve been doing this budgeting system for years now, so I was just wondering why you've decided to accumulate debt in certain areas, rather than just saving up for the item before buying it. I understand your car may be a big purchase, or have been done before you started your debt journey, but the macbook and phone seem like smaller payments, so why not just save for them rather than going into debt for them? Again, Im not trying to be rude or anything ❤️
She mentioned previously that she was saving for the macbook, but her previous one broke and she uses it for work so she needed to get a new one asap. I'm not sure about the phone though:)
I’m not offended at all and I don’t think this is a rude question! I think the more accurate thing to say would be that I’ve been doing this method “on and off” for years. I’ve definitely fallen off the wagon once or twice. I have an actual video all about my debt free journey and how I was once debt free and went back in debt. I’m definitely not perfect! The MacBook was an unfortunate situation where my current MacBook broke before I had a chance to fully fund my envelope, and I NEEDED my own computer to be able to work. For the phone, that was purchased during one of the times I was “off the wagon”. It’s an iPhone 7 Plus and I don’t intend on getting a new phone until this one stops working. Even then I’ll probably get a refurbished model, and definitely not the “newest and greatest thing” so I can pay cash for it.
Awesome! Thanks for helping out Kristin, and Alyssa for replying! That makes a lot of sense. I'm really happy for you knocking down your debt so quickly it's great
And amazon has one (the one I bought) for $20! The link is in the description! Envelopes are on hold for right now, I have ZERO free time with work, school, my channel, and sleep 😂
Question: why do you keep a "debt snowball" fund instead of making payments towards the debt as you have it available? Are you just putting that towards a monthly payment?
Yep! So right now I'm working on my MacBook, and that payment is only due once per month so I just set aside the money to put toward that monthly payment. I don't make two-three payments per month.
See I just shove every thing into savings and only spend money when I really really need too. I work as an hourly waged Togo person in a restaurant so I just use tips I randomly get to spend on myself. I just have no time to remember to cash my checks 😭 I was thinking of getting a separate checking account for my bills to be taken from that I can just transfer money from my savings (which my checks go into) to that checking account for bills and then some for a checking account for spending
What is the difference between using capital one to pay bills than to use your wells fargo to paybills? Because for capital one you will have a card and app no? So you can still swipe away??
Mary Dee I just like how with CapitalOne, it’s super easy to set up virtual “envelopes”. The problem with having all of my envelope in my Wells Fargo checking is that there’s no way for me to separate it. With capital one I can clearly see everything laid out by category in my account. If Wells Fargo let me have 10 fee-free checking or savings accounts I’d be stoked with that, but they don’t.
Alyssa Herbert idk if i could hold myself from swiping the card 😭 i also dont like that it takes so long for the money to clear on your account when transferring from your bank to the capital one bank. 7 days is a lot of days and i sometimes need to pay the day of or day after so it sucks
Mary Dee you could split your direct deposit to have what you project you will need into your capitalone account. At my job I have my paycheck going to two different banks and four different checking accounts.
Are you able to name the different savings accounts so that you know which account has the money for what? Or you just have to remember by the last four numbers?
Irsary Higuera I just looked into it because of this video, and there doesn’t seem to be fees for either checking nor savings accounts. I’m not sure if there are fees associated if you end up overreacting your accounts though.
@@alyssamakesamigurumi it's an amazing app. All online, easy to use. You are basically already doing it with your budget but instead of writing everything out it's online. Though I still write but stuff out. It might not benefit you as the it's just you in the equation but for a family or married couple keeping finances inline it's great.
Hey Alyssa! I think you get paid biweekly, right? Have you considered making your half car payment every paycheck (if you’re not doing this already)? Since you’re trying to tackle your debt faster, if you make half your car payment every paycheck, you pay 13 months of payments instead of 12... it’s not much.. but it might help a bit? It’s what I’m doing. I don’t know why, but it just popped in my head today after I watched your video. Lol.
Hmmm, that sounds so confusing to me, I don’t know why 😂 my interest rate is super super low and I’ll be making payments that are like...4 times the amount of my usual payment here soon so I’m not sure if that’ll make too much of a difference in the grand scheme of things. But that’s an interesting idea!
Alyssa Herbert lol! It’s super confusing to explain. But when you get paid biweekly, you get 26 paychecks. Divide that by 2, and it comes out to 13 months.. so you make an extra month’s worth of pay... if that makes sense? Lol. So if you paid your car payment every paycheck.. you pay half or what have you.. it would be 13 months of payments instead of 12 months.
That makes sense, but since I'm going to be paying 4x as much as my usual car payment per month will it really even matter too much? It should be paid off within 12 months or so of when I start really hammering on it, which will hopefully be next month.
Valery Lopez uh oh! I haven’t heard anything bad personally! A lot of people in the budgeting community use and love them. I’ll be sure to let you guys know if something goes wrong!
