Are there any ways to mimic the “envelope method” without taking physical cash out?

Seeking Advice Forum
1

I am not sure whether it is called that officially, but I would like to use a similar tactic—putting cash in envelopes for expenses—in order to stop that money from being spent somewhere else, but without really taking out cash.

The envelope technique works best for me for budgeting and saving money, but needing to deposit the funds before making an online purchase is a major hassle.

Almost what I want, my bank (Bank of America) offers a feature in the app called “goals,” however adding money to the objectives still affects my account balance. Hence, I have to calculate how much is left over if I have several goals (bills, and expenses).

Does anyone know of any apps that might help me do this kind of stuff, such as budgeting apps?

2

Goodbudget is a great tool that modernizes the classic envelope budgeting method. Instead of physical envelopes, you use digital ones by linking your bank accounts to the app. You create virtual envelopes for various spending categories like groceries or dining out and allocate funds accordingly. This system has helped me keep track of my expenses effectively.

3

Budgeting apps can help. They let you set categories for spending (like groceries, bills) and track how much you have for each, almost like envelopes. Some even hide your actual account balance so you can focus on your “envelope amounts” and stick to your budget. No more cash, same budgeting power