We will learn how the Envelope System of Budgeting works and how to plan and automatically track your budget using the Mishree Mobile application.

The Envelope System of Budgeting has been around for many decades, and basically forces individuals to think about how their money is being spent.
You create categories of expenditure such as Rent, Commute, Dining-out, etc and assign one Envelope for each category.
Important aspect is to actually treat Savings as a category where money will be set-aside at the start, ahead of all other expenses.
The goal is to set-aside at least 20% of the income as savings.

This system forces us to limit expenses on any category to the actual money assigned to its envelope. The Mishree app's budgeting tool replicated this Envelope and helps you follow the same system in the modern age of digital money, UPI and debit cards.