Learn more about moneyandinvestments with this collection
How to create a diversified portfolio
How to analyze stocks and bonds
Understanding the basics of investing
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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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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368 reads
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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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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624 reads
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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Related collections
More like this
Pay Yourself First
Prioritise your savings, not saving what is left after spending.
When budgeting, consider what is necessary to cover your basic needs, then figure out how much you want to save. The leftover is spending money. If it helps, think of your savings and investments as a monthl...
The 50/15/5 rule for multiple financial goals
- 50% of your income goes toward essential expenses: rent, bills, minimum debt payments.
- 15% percent goes to retirement savings. They also suggest you increase this by 1% each year.
- 5% goes toward unexpected monthly expenses or building an emergency...
Focus on...
- Building an emergency fund: set up an automatic weekly or monthly transfer from your checking account to your savings, then leave the savings alone until an emergency appears.
- Eliminating high-interest debt: Set up a simple debt repayment plan by organizing your debts b...
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