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 "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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