I was talking with one of my Money for Life Coaching Clients the other day and it occurred to me that I don’t often enough stress the importance of customizing your budget and especially your envelopes to your lifestyle. The Mvelopes Application has a default list of envelopes, but think of them more as a list to help you generate ideas about what spending envelopes you may want and need.
Some people have 10 envelopes and some people have 75; it really just depends on how detailed you want to be with your spending plan. For some households one clothing envelope will suffice. For others, each family member needs their own clothing envelope. For some people it makes sense to have a single entertainment envelope, and others like to separate out movies, the ballet, or even sporting events.
The important thing is that you make a list of envelopes and a plan that works for you and your families’ priorities. Make a plan that is really your own and means something to you. There are no rules… except, of course, that your allocations balance with your income.
– Jennifer Streiff, Money for Life Coach