How to use Quicken to follow Dave Ramsey's envelope system
- 1). List out all of the categories for your budget on paper.
- 2). For each item in your budget create a cash account in Quicken. Title each of those accounts with "Envelope - 'category'".
'category' is the name of your budget category. - 3). Whenever you are paid, create a deposit entry in your main account for your payment amount.
Ex: I get paid my salary through automatic deposits, so if I were to get paid $2000 then I would create a deposit entry for my checking account in quicken for $2000. - 4). In Quicken transfer whatever is planned from your written budget for each category from your checking category.
- 5). Whenever you spend money from your "Envelopes", keep track of it in your Quicken "Envelope - 'category'" accounts.
Source...