Learn more about moneyandinvestments with this collection
How to create a diversified portfolio
How to analyze stocks and bonds
Understanding the basics of investing
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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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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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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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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The "zero-sum budget"
An emergency savings fund buffer is vital for freelancers. It will help you to keep your head above water when your income fluctuates.
A zero-sum budget means living off last month's income alone. This can be done in the following way:
- Start
The zero-sum budget
Using this method forces you to “spend” every dollar that you make, by allocating all of your earnings into the different categories that your finances require.
It prevents waste and maximizes your income, with the ultimate goal of reaching zero at the end of each month.
Steps of the zero-sum budget
- Determine how much you make on any given month.
- List your bills: Once you determine how much money you'll make this month, figure out how much money you need to spend next month.
- Compare and contrast: Once you see your monthly income and your monthly bi...
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