Who says your envelopes have to be named only things like “Auto Registration,” “Gifts”? Why not use the envelope name to help you remember when the registration is actually due each year? Or to remind yourself how much you are planning to set aside for gifts over the course of the year?
My Auto Registration envelope is actually named “Auto Registration (November).” This way I know when the bill is due and can keep a close eye on how I am doing with my savings goal. You, of course, could also add in the amount of the bill to the envelope name if you like. An envelope name like “Auto Reg. (Aug $150)” provides a great deal of detail that can be helpful when reviewing your envelope spending account balances.
The same type of naming can be useful for your monthly bills, such as utilities bills. You could include, for example, the date the bill is due to help you remember when to pay it (in the event that you do not have it set up with an automatic payment.) Including the amount of the bill may also be helpful for the bills that do not tend to fluctuate (i.e. cable/satellite, phone, etc.) from month to month.
One of my coaching clients today asked if there was a way to include notes in the envelopes about what you are setting aside money for. There really isn’t a way to create a note, but she found the idea of adding information to the envelope names very helpful. She was having trouble remembering when her property tax bills are due, so she added the months to the envelope name and problem fixed.
Please share any tips that you may have for customizing your envelopes, naming them in a more effective way, etc. It’s always great to hear what methods others use.
-Jennifer, Money for Life Coach