Next, you will want to fill out a monthly financial report worksheet where you record you income and come up with your net spendable income after taxes and any charitable giving. Then you want to take your totals from your monthly expense record worksheet and fill in all amounts in the categories such as household, food, medical, transportation, and recreation just to name a few. When you total up your expenses and subtract them from you net spendable income you will see if you have a surplus or not.
The biggest advantage of Virtual Envelopes is that your money is safe in a banking institution instead of cash in envelopes in your house. Just imagine if you hade robbery, fire, or just plain old forgot where you put that cash envelope with your rent payment. Not a fun time trying to recover that!