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Budgeting myths
- Myth - I don't need to budget: A budget focus on identifying all the expenses that are likely to occur during the month, quarter, and year. A budget can identify costs that could be reduced or cut.
- Myth - I'm not good at math: Budgeting software only requires you to follow instructions.
- Myth - My job is secure: You should always be prepared for a job loss and have at least three months' worth of living expenses in the bank. With budgeting, you will know how much you spend each month.
- Myth - Unemployment insurance will tide me over: You may be ineligible for unemployment insurance or the benefits may fall short of the amount you need.
- Myth - I don't want to deprive myself: The aim of budgeting is to tell you where your money is going and ensure you're able to save a little each month, ideally 10% of your income.
- Myth - I don't have anything big to save for: While you may not have any major savings goals at present, your situation and attitudes are likely to change over time.
- Myth - I'm debt-free: However, being debt-free without any savings won't pay for an emergency.
- Myth - I always get a raise or tax refund: It's never a good idea to count on unreliable sources of income.
- Myth - I don't have the discipline: To protect yourself from your own spending habits, set up an automatic transfer to a savings account.
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Building a budget
- The traditional budget starts with tracking expenses, getting rid of debt, and then building an emergency fund.
- But you can speed up the process by building a partial emergency fund. It will act as a buffer to replace the use of a credit card for e...
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Corporate budgets
Budgets are necessary for running any business efficiently and effectively.
- Budget Development Process. Assumptions related to projected sales, trends, cost trends, and the overall economic outlook is established for the upcoming period. The budget is then published ...
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Ways to budget when you're broke
- Avoid immediate disaster. Request bill extensions or payments plans from creditors.
- Prioritize bills. See which bills must be paid first and set up a payment schedule based on your paydays.
- Ignore the 10% savings rule. It...
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Definition of a budget
A budget is an estimation of income and expenses over a set time. It is usually drawn up and re-evaluated periodically.
Budgets can be made for a person, a group, a business, a government, or anything else that makes and spends money.
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Understanding budgeting
A budget shows the trade-off made when one item is exchanged for another. The result is:
- A surplus budget, where profits are expected.
- A balanced budget, where revenues and expenses are expected to be equal.
- A deficit budget...
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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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"Making money is art and working is art and good business is the best art." ~ Andy Warhol
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The 70:20:10 budgeting method
This method suggests that you allocate 70 percent of your income to expenses, 20 percent to savings, and the remaining 10 percent to debt.
70:20:10 may work for someone with a healthy emergency fund and minimal debt.
Allocating expenses
The most common buckets are:
- Expenses, or your needs: housing, food, transportation, clothing, insurance, childcare, etc.
- Debt - monthly debt obligations: personal loan, student loan, auto loan, and credit card payments etc.
- Savings, including fund...
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:
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