Mum never overspends with genius ‘digital envelope’ banking tip – which helps her budget for splurges

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A MUM has shared the ‘digital envelope’ tip she uses which ensures she never overspends – and it even allows her a budget for splurging. 

Rachael Hallett, from Australia, decided she needed a new system to track her money after she had kids, so she gave an old budgeting system a modern twist. 

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Mum Rachel Hallett shared her nifty ‘digital envelopes’ idea online[/caption]

The mum-of-two uses ‘digital envelopes’, which updates the idea of putting cash aside by using bank cards instead.

Rachel has four banks accounts which each has its own card – one for bills, one for groceries, another for essentials and one for splurges. 

She made sure there’s no fees associated with them, and at the beginning of every month she transfers the budget for each card.

The idea is can spend as much as you like, but once all the funds are gone from each account there’s no more left until next month.


The mum labelled each of her cards, and you can pick your most important categories [/caption]

By only spending the card’s set amount each month, Rachael knows she’ll never overspend, and doesn’t have to worry about keeping track of money. 

Sharing her idea on the Facebook group she’s a co-founder of, Mums Who, she said: “This is my budgeting secret weapon!

“I have 4 transaction accounts, each has a card if it’s own. 

“I don’t need to track any of my spending, I simply transfer the budgeted amount to the correct account and when it’s gone, we wait until next month.

“I really find this a fantastic way to budget without much effort. 

“You of course, need to have a budget before implementing this but that’s a one off and you can just adjust the budget as circumstances change.

This is my budgeting secret weapon!

Rachael Hallett

“I don’t pay account keeping fees on my accounts. If your bank wants to charge you, find a bank who won’t.” 

Over time Rachael has adjusted the budgets to reflect changes in income or outgoings, and says this simple system easily fits in with hectic family life. 

She told Kidspot: “I used to use a complex method where I needed to track all my expenses, and that worked for a long time, once I had kids though, I didn’t have time.

“I needed to just be able to spend and not worry we were going over budget or impacting on our financial goals inadvertently.”

She added that having bank cards – rather than cash – allows her and her husband to make purchases simultaneously from the same fund. 

Her tip has been praised by fellow mums with the post racking up dozens of comments

Rachel noted: “With cards, we can always have access.”

Fellow mums have praised her idea, with one commenting: “Thank you for sharing.”

Another wrote: “I do this too it’s so good. All my direct debits come out of one account, groceries and fuel another, splurge, misc (so the kids can get stuff when they need it).”

While a third added: “Smart idea.” 

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