Budget to zero - Deepstash
What Is Opportunity Cost

Learn more about personaldevelopment with this collection

The impact of opportunity cost on personal and professional life

Evaluating the benefits and drawbacks of different choices

Understanding the concept of opportunity cost

What Is Opportunity Cost

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Budget to zero

Budget to zero

Budgeting to zero means that when you create your budget, your income minus your expenses add up to zero. Income – expenses = $0

Budgeting to zero gives you financial clarity, you give every dollar you earn a job, even if that job is savings or an extra loan payment. 

Budgeting to zero doesn’t mean you spend every dollar you earn. Neither does it mean that you’re stuck with your categories for the month. On the contrary, it is a great method to start a savings program by working your savings into your budget and to keep that budget flexible so it can change with whatever ball life throws at you.

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Enter Money When It Arrives

Enter Money When It Arrives

When a paycheck, birthday check, or any money at all arrives, that’s the moment it should be entered in your budget. Not before, and not too long after. Not only does this make paydays even more magical, this gets you in the right mindset to only budget the money you have.

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Personal Budgeting Habits To Adopt

Personal Budgeting Habits To Adopt

Sticking to a budget can be quite hard the first time you try it, therefore before I show you how to develop a budget, let’s explore the budgeting habits that can make your adjustment to your budget a landslide.

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Pay yourself first

Pay yourself first

Following up from the above, once money comes in, set up some automatic transfers or put some cash aside for YOU. Paying yourself first ensures that you have the financial security to make future-you very happy. Even small amounts will grow into something larger, which can eventually pay for that...

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Check the Budget Before Spending

Check the Budget Before Spending

A common budget pitfall is when you use your budget as an expense tracker alone but you do not let it influence your spending habits.

Check your budget before you pull out that debit card.

On some days looking through your budget before you spend, you’ll get a resounding YES to spend ...

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CURATED FROM

CURATED BY

royaltouchz

Writer, artist, Accountant and a forever learner. Learning, loving, Hoping.

These ideas state the money habits to develop that will help in creating and managing a budget.

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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.  

How to create a budget

  1. Gather Some Financial Information: gather a detailed list of your income and expenses.
  2. Select a Budgeting Method: figure out how you’ll budget your money to meet your most pressing financial goals.
  3. Create Your Budget: tally...

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