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Welcome back to my channel! Today I’m going to be Cash Envelope Stuffing my Cash Envelopes and Sinking Funds with my 4th Paycheck of July!
In this video, I’m using the cash envelope system to keep track of my finances.

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July 4th is just around the corner, and it’s time to start preparing for the festivities. Whether you have plans for a backyard barbecue, a day at the beach, or a fireworks extravaganza, you’ll want to make sure you have a budget in place. One effective way to manage your expenses this July 4th is by using cash envelopes and sinking funds.

Cash envelopes are a tried-and-tested method of budgeting that involves allocating specific amounts of money to different categories, such as groceries, entertainment, transportation, or any other spending categories you may have. The idea is to put cash into separate envelopes, each labelled with its designated purpose, and only spend what’s available in that envelope.

For July 4th, you can have a dedicated cash envelope specifically for the occasion. Determine in advance how much you want to allocate towards food, decorations, activities, and anything else related to your celebrations. Once you have this amount in mind, withdraw it in cash and place it in your July 4th envelope.

Using cash envelopes can help you stay accountable with your spending and provide a clear visual representation of how much money you have remaining for each category. It can also prevent overspending and keep you mindful of your budget throughout the celebration.

In addition to cash envelopes, sinking funds can be a powerful tool to save for specific events or future expenses. Sinking funds are separate savings accounts or categories within your budget that are dedicated to a particular purpose. By setting aside a small amount regularly, you can accumulate enough money to cover large expenses, such as holidays or special occasions like July 4th.

To create a sinking fund for July 4th, start by estimating the total cost of your planned celebration. This includes everything from food and drinks to fireworks and any other activities you have in mind. Divide this total cost by the number of months until July 4th to determine how much to set aside each month. For example, if it’s January and you estimate your celebration will cost $400, you would need to save around $67 per month.

Consider setting up a dedicated savings account or using a budgeting app to track your sinking fund progress. By consistently contributing towards your sinking fund each month, you’ll have the money readily available when July 4th arrives, ensuring a stress-free and budget-friendly celebration.

Cash envelopes and sinking funds not only help you stay in control of your finances, but they also teach valuable lessons about saving, goal-setting, and budget management. So this July 4th, don’t let your celebration blow up your budget. Give cash envelopes and sinking funds a try and reap the benefits of a financially responsible and enjoyable holiday.