• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Millennial Boss

Follow Julie on Social:

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • About
  • Binge
  • Courses
  • Save Money
    • How to Save $26,000 in 7 Months
    • Paying Off Student Loans
    • DIY Wedding Flowers
  • Start a Business
    • Sell on Etsy
    • 101+ Easy Ways to Make Money Working From Home
    • Start A Lash Business
    • Start A Candle Business
    • Start a Lip Gloss Business
    • Start a Lifestyle Blog
  • Sell on Etsy
    • Etsy Shop Ideas for 2022
    • How I Made my first $1000 on Etsy
    • Create Printables to Sell Online
    • eRank Review
    • Sell Wall Art
    • Etsy SEO Tips
  • Printables
    • Free Heart Templates
    • Hot Chocolate Bomb Tags
    • Selling Etsy Printables
    • Gingerbread Man Templates
    • Butterfly coloring pages
    • Unicorn coloring pages
    • Best Digital Planners on Etsy
  • Contact

The Cash Envelope System Completely Changed These 11 Couples Lives

Last updated on January 18, 2020 By Millennial Boss 4 Comments

This post may contain affiliate links which means I may receive a commission if you purchase through my links. Please read my disclosure for more info.

  • Facebook
  • Twitter

Manifesting any big money goals? I earned $10,000 for the last 2 years selling easy-to-make printable products in an Etsy shop. I hope to double my earnings in 2023. Here is a free ebook teaching you how to get started with this side hustle too.

Wishing you had more money in the bank? Follow my instagram @millennialboss where I share my best money saving tips and ideas to make extra cash.

How to use the cash envelope system | Financial Peace University

I have friends who swear by the Dave Ramsey cash envelope system, so I did some research.  Here are 11 couples who used the cash envelope system and their results.

But first, here is some background on what the cash envelope system is so we’re all on the same page.  If you want to get to the real stories, scroll down.

 

What is the Dave Ramsey cash envelope system?

The cash envelope system works by forcing you to stick to your budget in categories such as groceries, gas, food and entertainment.  You calculate how much money from each paycheck should go into each category, take out cash and put it into the corresponding envelope.

When there is no cash left in the envelope, you’re done with spending in that category for the month.  Studies show that credit cards make people overspend so using cash should force you to stick to your budget better.

 

Where can you get Dave Ramsey Cash Envelopes?

I was surprised to see that you can pick up some cute cash envelopes on Etsy.  You can use plain ones too but if the fun ones help you stick to your budget better than so be it.

Dave Ramsey Cash Envelope System

Check out the cash envelope selection on Etsy here.

 

Does the Dave Ramsey Cash Envelope System actually work?

So does the Dave Ramsey cash envelope system actually work?  I did some research and found out that YES it does work and there are plenty of couples who found success using this method.  I personally paid off my student loan debt using a different method but I’m not opposed to the cash envelope method and think it can work for some people.

 

Here are 11 Real People Who Paid Off Debt Using the Cash Envelope System

1.  Stephanie of the Imperfect Millennial Blog

Stephanie and her husband paid off $166,000 of student loan debt in 4 years using the cash envelope system.  They’re in their twenties and went into debt with dual nursing degrees.  They’re focused on building a life of travel and financial freedom now that they’re debt free.

2.  Rachel Gause

Rachel paid off $150,000 of debt and is a huge supporter of the cash envelope system.   She had $20,000 left to go at the time she was featured in this article in Time.   In addition to the cash envelopes, Rachel and her family also tracked their debt payoff by coloring in milestones in a debt savings tracker.  Love that idea!

debt payoff tracker

If you want to use a savings tracker like Rachel,  buy one here on Etsy.

3.  Chris of Debt Free Geek

Chris used an electronic version of the Envelope System where he transferred money to an operating expenses account to pay off $150,000 in 3.5 years.  He only left $100-$200 in the account at one time to slow down impulse purchases.  This is definitely one unique spinoff of the traditional cash envelope system.

4.  Allison of Inspired Budget

Allison paid off $111,000 of debt using the cash envelope system.  That is a crazy number!  She has a free printable and some really cute DIY envelope ideas on her site.

5.  Kim of Thrifty Little Mom

Kim and her husband paid off a $93,000 mortgage in 2 years with a cash based envelope system.  She has a starter guide to the cash based envelope system here.

6.  The Johnson’s

They paid off $35,000 of credit card debt. Learn more about their story here on Learnvest.

Related Posts:

  • How I Paid off $89,000 of Debt in 18 Months
  • Why I Paid off My Spouse’s Student Loans
  • Jen’s Student Loan Story – $77,000 of Debt Gone

7.  Jackie of Paleo Mama

Paleo Mama paid off $27,000 of debt in 6 months using the Dave Ramsey cash envelope method.  She took the first step of having $1,000 in savings (a common first goal of Dave Ramsey followers) and then crushed the debt in 6 months, all while still eating paleo.

8.  Melissa Voigt

Melissa and her family paid off $18,000 in two years using the cash envelope system. Read more about their debt free journey here.

9.  Alicia of Your Vibrant Family

Alicia and family paid off $100k of debt in 13 months.  Spirituality was key on her journey and the cash envelope system.  She was a graduate of Dave Ramsey’s Financial Peace University and used the debt snowball method.

10.  Kyle of Dollar Dilligence

Kyle paid off $33,000 in 18 months and wrote about it on Millennial Money Man’s site.  He tracked everything down to the penny, lived in his sister’s basement and chopped his grocery bill to $100 per month.  He definitely scrimped and saved and it paid off big.

11.  Amanda of the Woo District

Amanda paid off her debt using the cash envelope system.  She realized that she needed to stop comparing herself to others and that realization was integral to paying off her debt.  She went through Dave Ramsey’s baby steps before tackling her debt.

 

I’m so impressed with all of these real cash envelope debt payoff stories! Here is more information about the cash envelope system on the Dave Ramsey website.

 

Have you used the cash envelope system?  Did it work?

  • About
  • Latest Posts
Follow J
Millennial Boss
Julie paid off nearly $100k of debt and is on her way to financial independence. She is the creator of the Make Money with Printables side hustle course where she teaches people how to sell printables on Etsy and blog as a side hustle.
Follow J
Latest posts by Millennial Boss (see all)
  • How to Make a Backyard Movie Theater with a projector screen - September 19, 2020
  • HONEST Passive Income Planner Girl by Michelle Rohr course review - May 25, 2020
  • 35 Pink Aesthetic Wallpapers with Quotes and Collages - May 20, 2020
  • Facebook
  • Twitter

Filed Under: Debt, Money

About Millennial Boss

Julie paid off nearly $100k of debt and is on her way to financial independence. She is the creator of the Make Money with Printables side hustle course where she teaches people how to sell printables on Etsy and blog as a side hustle.

Reader Interactions

Comments

  1. Ramona @ Personal Finance Today says

    July 8, 2018 at 6:26 pm

    Really great stories. The envelope system seems to be one of the most straightforward and reliable systems to use. It doesn’t require you expensive apps and a lot of time to spend budgeting. So happy to read all these inspiring stories.

    Reply
    • Millennial Boss says

      July 9, 2018 at 6:18 am

      Exactly! It’s 100 percent transparent. I love the idea of it.

      Reply
  2. Cooper The Millennial says

    July 9, 2018 at 2:29 pm

    Add me to that list as well!

    Such a great system for getting things under control. I don’t know if we would have been able to pay off our debt, get a solid financial footing, and move into the pursuit of FI part of our life without Dave’s envelope system!

    Reply
  3. Stephanie V says

    July 19, 2018 at 5:16 pm

    Thanks for the mention! It was so worth it to pay it off early!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

About Millennial Boss

Julie paid off nearly $100k of debt and is on her way to financial independence. She is the creator of the Make Money with Printables side hustle course where she teaches people how to sell printables on Etsy and blog as a side hustle. Learn more..

Footer

Please note that Millennial Boss has financial relationships with certain merchants mentioned. Affiliate links may be used and commission earned in this post. While all attempts are made to present correct information, it may not be appropriate for your specific circumstances and information may become outdated. Copyright © 2021. All Rights Reserved.

About Millennial Boss

Millennial Boss is a lifestyle and personal finance blog created by Julie, who paid off six figures of student loan debt and is now on the path to financial independence and early retirement through side hustles. She lives in Seattle and teaches others how to start blogging and sell printables on Etsy.
Learn more here.

About Millennial Boss
How to Pay Off Debt
Save More Money Faster
Start a Blog that Makes Money
Sell Printables on Etsy
Disclaimer & Privacy Policy

Looking for something?

  • Selling Printables on Etsy
  • Disclaimer and Privacy Policy
  • Media
  • Contact

Copyright © 2023 · Wellness Pro On Genesis Framework · WordPress · Log in