Learn more about moneyandinvestments with this collection
How to create a diversified portfolio
How to analyze stocks and bonds
Understanding the basics of investing
Figure out your needs
The best budget system depends on what you want to do, such as limiting spending, paying debt, or building savings.
Once you are clear about what you hope to accomplish, pick a budget option that meets those needs.
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Compare manual and digital budgeting options
Personal finance software that lets you automate savings or update information on the go is helpful.
However, some people still prefer a hands-on approach, like pen and paper. Writing it down can help to feel more connected to your budget. It is also helpful if you don't fe...
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The 50/30/20 budget system
This system splits your income into three categories:
- 50% goes to necessities
- 30% to wants
- 20% to savings and debt repayment
This method gives you room to pay down debt and save for future expenses.
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The zero-based budget
This method makes monitoring your spending clear.
Take your monthly income and deliberately use every dollar until zero dollars are left. Log every expense to ensure you're on budget. Budget apps such as YNAB and EveryDollar can be helpful.
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The envelope system
This method helps you curb your spending or stay out of debt when you don't want to track every purchase.
- Set a limit for each expense category, like groceries.
- Fill marked envelopes with the allotted cash and use only that money for purchases.
- When the...
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Pay yourself first
This method prioritises savings before immediate expenses.
Decide how much to put towards your monthly savings goals like retirement and an emergency fund, then use what is left.
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Other curated ideas on this topic:
Figure out your needs
People tend to feel badly about themselves when they feel powerless to get their needs met.
Clarify for yourself what you need and don't expect others to fulfill your every want. What people, places, or experiences are must-haves to live a fulfilling life? What aspects of your life—if r...
Developing your own principles
Begin with this:
- What do you value?
- What do you want to experience in your life?
- What makes you uneasy or gives you anxiety?
For example: You value financial freedom, and so by principle, you are going to put your extra cash toward re...
Sticking to a budget
Once a budget is set up, it is not always that easy to stick to it. But that doesn't mean you have to give up because you've failed once or twice.
- Remember the big picture. A budget keeps you out of overwhelming debt and help you build to financial freedom.
- ...
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