We started small with a coffee can for our loose change. The outside of the can is labeled "vacation." Then we added envelopes for entertainment and emergencies. These envelopes helped us to wean ourselves from our credit cards. Now we're adding a new twist with a paperless method to acquire our next vehicles. The idea is to make the car payments to ourselves in advance in a separate checking account designated for our replacement vehicles. We are not allowed to access the account for any other purposes.
I really like the envelope method because it works. The virtual envelope uses the same simple idea – keep the funds out of site so they are not readily accessible. The envelope marked "emergency fund" is our first defense against tapping into the virtual envelope. The second defense is a good mechanic. Our man, Adam, understands our desire to keep our jalopies on the road long enough to avoid car loans. He feels confident he can do the job, even though our combined odometer readings are now over 400,000 miles. Give the virtual envelope method a try for your next vehicle or home improvement project and make sure to keep your creditors out of the picture. Have a great day.
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