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A monthly budget can give you more control over where your money goes.
If you aren't aware of your spending, it's too easy to spend too much
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Learn more about these 5 popular budgeting methods to decide which spending plan is best for you.
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1. The Zero-Based Budget Style
This budget style is excellent if you like things in black and white. Take your income and subtract your expenses to equal zero.
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2. The Pay-Yourself-First Budget Style
1st, you save for your retirement and personal savings and pay your bills.
Then you can spend any leftover money.
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3. The Envelope Budget Style
1) Determine budget categories and limits.
2) Label and fill an envelope for each spending category.
3) Limit your spending to what is in each envelope
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4. The 50/30/20 Budget Style
Break down expenses into three areas:
– Necessities (50%)
– Discretionary (30%)
– Savings and debt payments (20%)
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5. The Kakeibo Budget Style
Reflect on your purchases. Journal about why you bought an item and how it made you feel. Did you feel satisfied? Secure? Guilty? Happy?
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Personally I've always had a rule of thumb:
Only spend on what makes your happy and not a penny more. Each additional penny is worth less than a penny.
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...by the way the best budgeting style is whichever one you adopt!
There are so many ideas out there, just do what you can make a habit.
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For a more comprehensive look at these budget styles click Learn More Below.
...and visit ChaChingQueen for many money saving ideas.
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