{"id":16086,"date":"2019-09-30T17:54:33","date_gmt":"2019-09-30T21:54:33","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=16086"},"modified":"2024-12-03T06:05:32","modified_gmt":"2024-12-03T06:05:32","slug":"which-budgeting-method-is-right-for-you","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/which-budgeting-method-is-right-for-you\/","title":{"rendered":"Which Budgeting Method Is Right for You?"},"content":{"rendered":"

Finding the right budgeting method for you can make it a lot easier to achieve your financial goals.\u00a0 Ideally, you want a plan that’s easy to follow and doesn’t feel like torture.\u00a0 Keep in mind that what works for your best friend, may not work for you so test drive a few different strategies.\u00a0 Here are three budgeting methods that can drastically improve your finances. One popular approach is the 50\/30\/20 rule, which allocates 50% of your income to needs, 30% to wants, and 20% to savings or debt repayment. Another effective method is zero-based budgeting, where every dollar is assigned a purpose, ensuring no money slips through the cracks. By creating a realistic budget<\/a> tailored to your income and lifestyle, you’ll be more likely to stick with it and see lasting results.<\/p>\r\n

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Say goodbye to your credit cards and hello to the cash envelope system<\/strong><\/h2>\r\n

Credit cards can be your best friend or worst enemy.\u00a0 They’re a lifesaver when you’re short on cash but it’s also easy to get carried away.\u00a0 If your credit card is constantly getting you into trouble, switch to the cash envelope system.\u00a0 With this budgeting method, you\u2019ll divide your money into different envelopes according to your monthly bills.\u00a0 Since you’ll be relying solely on cash, you’ll be required to put extra thought into each purchase.\u00a0 Start by reviewing your last few bank statements to get a good idea of where your money goes and how much to budget for each area.\u00a0 Then create an envelope for each category with the budgeted amount written clearly on the front.\u00a0 Anytime you need to make a purchase, you’ll withdraw the cash from the matching envelope.\u00a0 If you get any change, don’t forget to put it back in the right spot.<\/p>\r\n

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Balance your wants, needs and goals with 50\/30\/20 rule<\/strong><\/h2>\r\n

One of the main reasons people hate budgeting is because they assume you have to give up everything you love.\u00a0 However, that’s not the case.\u00a0 With the 50\/30\/20 rule<\/a>, you can take care of your financial responsibilities and still have a life.\u00a0 This budgeting method works by dividing your take home pay into percentages.\u00a0 Half of your income will go towards essentials such as groceries, housing, utilities, insurance and transportation. Some people also place their minimum credit card payment in this category.\u00a0 From there, 30 percent of your remaining income will go towards things that make life more enjoyable such as your cell phone, going out to eat, things of that nature.\u00a0 The final 20 percent can be used to build your rainy-day fund, save for retirement or to dig yourself out of debt.<\/p>\r\n

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Give every dollar a job with the zero-based budgeting method
<\/strong><\/h2>\r\n

When you don\u2019t have a plan for your money, you\u2019re more likely to waste it on foolishness.\u00a0 The main idea behind the zero-based budgeting method is to give every dollar a job.\u00a0 You want to get your income and expenses to balance out with no money left over.\u00a0 Start by writing two lists, one for your monthly income and the other for your expenses.\u00a0 Compare both lists to see how they measure up.\u00a0 If you’ve budgeted for all the bills and see there’s $50 remaining, you need to find something to do with the extra cash.\u00a0 For example, you can put in the bank or use it to make an extra debt payment.\u00a0 If your calculations show that you’ve been overspending, start trimming your expenses until you break even.\u00a0 Keep track of your spending throughout the month and make adjustments as needed.<\/p>\r\n\r\n

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Finding the right budgeting method for you can make it a lot easier to achieve your financial goals.\u00a0 Ideally, you want a plan that’s easy to follow and doesn’t feel like torture.\u00a0 Keep in mind that what works for your best friend, may not work for you so test drive a few different strategies.\u00a0 Here […]<\/p>\n","protected":false},"author":3,"featured_media":16087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-16086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"\nWhich Budgeting Method Is Right for You?<\/title>\n<meta name=\"description\" content=\"Finding the right budgeting method for you can make it a lot easier to achieve your financial goals. 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