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Budgeting methods

Randy

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9 Financial Topics You Need An Understanding Of

Navigating the world of personal finances can be confusing when you’re just getting started. Here are 9 financial topics to be aware of.
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There’s not necessarily one right way to budget. Instead, it’s about finding the strategy that works best for you. There are several different budgeting methods that people have had success with. A few popular ones include:

50/30/20 budget
Using this 50/30/20 percentage budgeting system, you allocate 50% of your budget to needs such as housing, insurance, and transportation. 30% of your income goes toward wants, which can be eating out, shopping, travel, and more. Finally, 20% of your income goes toward savings and debt. This budgeting system is popular, but likely not ideal for people with significant debt to pay off.

Zero-based budget​

Using the zero-based budgeting method, you plan your spending by taking your total monthly income and allocating it to budget categories until you have $0. The premise of this system is that you find a job for every single dollar, even if that job is savings or debt payoff.

Pay yourself first​

The pay-yourself-first budgeting method is also known as reverse budgeting. Using this method, you figure out how much you want to pay yourself each month, meaning how much you want to put toward your savings and debt goals. From there, you can spend whatever is left.

Envelope system​

The envelope system can be used in conjunction with any other type of budget. Using this strategy, you have an envelope for each spending category. In each envelope is the cash available to spend for the current month. When the envelope is empty, you’re done spending in that category for the month.
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What are your budgeting methods?
 
Kind of the opposite of the "Pay yourself first" one... I pay all the bills first and then whatever I have left is for whatever... Entertainment, eating out, clothes, etc.
 
I pay bills, put fuel in my vehicle and then I'm penny pinching until I get to do it all over again.
 
Nebulous said:
They have been going down slightly which makes you feel relieved momentarily, then they shoot back up again! :faint:
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That's the end goal, isn't it? Make us feel good about paying $4.50 a gallon when, not that long ago, it was so, so much cheaper. I still remember when we first moved to the US it was $1.08/gal...oh to relive those days!
 
PGen98 said:
That's the end goal, isn't it? Make us feel good about paying $4.50 a gallon when, not that long ago, it was so, so much cheaper. I still remember when we first moved to the US it was $1.08/gal...oh to relive those days!
Click to expand...
Yes! I remember seeing 0.88 cents a gallon when I was a teenager stealing my moms car. :halo:
 
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