Budgeting methods

[Nebulous]

https://www.clevergirlfinance.com/blog/financial-topics-to-understand/

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.

What are your budgeting methods?

 

[Vivi]

The inflation rate over here in my country is crazy and that has affected how I plan my budget. I would have loved to plan ahead, but it is not possible nowadays.

 

[Shortie]

I do my best to budget on a monthly basis so that I know how much I will be spending and how much I may have left over at the end of the month. I tend to sit and go through any bills I need to pay, and food that I need to buy weekly and I take the average price for that and then I also take into consideration anything else I may need for that month and add it all together to see where I am at. Unfortunately, due to the rising costs and inflation and the economy being the way that it is, I can't always be 100% right anymore with my budget as prices are so up and down that it can make a huge difference to the budget you may already have.

 

[Reverie]

Since recovering for paying for a wedding, and getting inheritance I'm just trying to get things still fully in order along with getting married. Having to figure out the mutual bills and etc.

Main concern - all bills get paid on time. Anything on credit card needs to mostly be paid off - my husband and I are struggling with this, but it's getting better. I also have my money working for me in my savings and etc. I don't feel as bad when I don't purposely save more right now, but I'm trying to get that back situated. I used to pay bills and then put 1,000 in the savings account each month. Idk what happened that changed that lol.