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I have a new client who is wanting me to set up an envelope system for her daily expenses, specifically food and gas. While I am intimately familiar with the envelope system, as a new DMM I am unsure of how to set this up for a client.
For example, do I literally go to the bank or ATM with the client, withdrawal money, place it in an envelope and give it to the client? Is there a better way or process to do this? The client does not trust their self to do this and wants me to do it for them.
What have you done for your clients to set up envelope systems for them?
I would recommend having them open an account with https://www.simple.com. It is a bank account that has a unique way of letting you access your money. You setup goals, bills and deposits and they will then give you an amount that is “safe to spend” https://www.simple.com/features/safe-to-spend.
Capitalone360 checking, which used to be ING Direct, has subaccounts which may work. You can also setup an envelope system using Mint.com.
I like simple.com the best because of its safe-to-spend feature, which looks like what your client is looking for as opposed to a reporting system that mint.com uses.
Steve Lyskawa
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