What's involved in your budgeting method? - eviltoast

I think budgeting and practical finances should be taught at multiple stages throughout a student’s life. I thought I knew the general idea but didn’t appreciate how much neglecting it would set me back.

What is your process for budgeting? As a starting point this article lists a few methods.

I use zero based budgeting where every dollar is assigned a purpose. I don’t end up sticking exactly to the plan, but I do keep a spreadsheet which lists my current balances and all expected expenses, so I can see my future balance and avoid going in the red. A couple times a month I cross off expenses which have been paid and update the balance. This is especially helpful to me because a big portion of my income is irregular month to month.

  • LesserAbe@lemmy.worldOP
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    11 months ago

    Yes, I definitely rely on all automatic payments. When I first moved out on my own thought I had a grip on things but too many bills ended up paid a couple days late, even though I had the money.

    We also have recurring transfers to savings and to individual accounts for “fluff” spending.