Whatever side you come out on, the envelope system budget is one technique that has a lot of followers. The idea is you save cash for specific categories in envelopes over the course of a month. Set up an envelope for groceries, eating out, gas, electric, etc. As you get paid, you contribute to your envelopes. Great idea to build discipline, but you can raid those envelopes when something goes bad. You also have to carry a lot of cash around. Plus, you have to spend money on envelopes! How about all that paper that goes to waste! 🙂

is a goals-based social saving platform. It can be built to accomplish the same elements as the envelope system just more elegantly and effectively. How? By you, the user, setting up the same goals you would normally use for your envelope system. From the main Profile screen you are empowered to set whatever goal is important to you. We don’t tell you, we don’t constrict you. If it is rent, groceries, car payment and student loans, for example, go in and set those goals.

Goals are entirely customizable. The freedom to choose is in your hands. Set both short and long term goals and invite others to participate.

Once you have set your goals, then just like the envelope method begin allocating money to each goal. Unlike an envelope where your fingers might creep into and pull some money out on a fun weekend night, with Divvy your money is securely held just a little bit out of your reach when temptation strikes! With Divvy Goals, you set an amount you want to save and the date you want to save it by. If you are saving for something together, like rent, invite your roommates in to save together. Divvy is transparent so you can always stay on top of who has contributed and who hasn’t. If it is time to nudge a roomie, just jump into the Goal specific chat room.

Moving money is easy. Simply connect your bank account within Divvy. Head back to Divvy and tap the “gear” icon on the profile screen. Once in Settings, select Link Bank Accounts. Follow the steps to link your account and then make a one-time contribution or set a recurring weekly contribution to avoid the hassle of always having to remember.

Money is moved via ACH transfer from your bank into and out of your Divvy account. Because this transfer takes 3-4 business days it is always a good idea to set a goal completion date about 3-4 business days before you need the money to account for the transfer time.

If you set monthly goals, much like the envelope budget system you can run as tight and specific budget as you want, but we help you become a little more disciplined and environmentally conscious!