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Saving and budgeting


6 PERSONAL BUDGETING STRATEGIES THAT CAN HELP YOU MANAGE YOUR FINANCES

By Shelley Sines

December 2023
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Ever wonder where all your money goes? You’re not alone: 83% of Americans say
they overspend, and many of them use credit cards to cover those expenses.
Tracking and managing your personal finances is critical if you want to achieve
financial stability and reach your long-term goals, like owning a home. One of
the most effective things you can do to avoid overspending and start building
savings is to create (and stick to) a thoughtful, purposeful budget.

A budget can help you track income, control discretionary spending and
strategically allocate your financial resources. We’ve pinpointed 6 different
personal financial budgeting methods that cater to different preferences and
lifestyles. Read on to see which one might work for you and your goals!


1. TRADITIONAL BUDGETING

This method involves crafting a detailed plan for your income and expenses where
you categorize your spending into fixed and variable expense categories. Fixed
expenses include items like your rent or mortgage, utilities and insurance.
Variable expenses include groceries, entertainment, dining out, travel and other
recreational activities. By meticulously tracking each expense you incur in both
categories, you’ll gain a clear understanding of your financial habits – and
identify areas where adjustments may be needed.


2. 50/30/20 RULE

This is a budgeting strategy that divides income into 3 categories: 50% for
needs, 30% for wants and 20% for savings and debt repayment. It provides a
simple yet effective framework for balancing essential expenses, discretionary
spending and saving for the future. The 50/30/20 rule is a flexible method that
can be adjusted for different income levels and financial goals.


3. ENVELOPE SYSTEM

This system is an inflexible, cash-based budgeting method that can help you curb
superfluous spending. You set a specific amount of cash to spend in envelopes
(real or figurative) labeled with different categories, like groceries,
entertainment and transportation. Once an envelope is empty, you can’t spend any
more in that category until the next budgeting period. This strategy can help
you cut back on unnecessary purchases and encourages conscious decision-making.


4. ZERO-BASED BUDGETING

Zero-based budgeting assigns every incoming dollar a specific purpose, ensuring
that income minus expenses equals zero. If you’re using this method, you’ll
allocate funds to various categories and leave no money unassigned. This
approach encourages you to prioritize spending based on your needs and goals.
It’s a proactive way to manage money and prevents unnecessary expenses while
promoting intentional spending.


5. AUTOMATED BUDGETING

This method leverages technology, using apps and digital tools to streamline
financial management. You can link your bank accounts to budgeting apps that
categorize transactions, track spending patterns and provide real-time financial
insights and expertise. Automation can help reduce manual efforts on your part
and provide a convenient way to stay on top of your financial goals 24/7.


6. THE ANTI-BUDGET

The anti-budget is a less restrictive approach to personal finance compared to
some of the other budgeting methods we’ve covered. Instead of tracking every
expense, this method allows you to focus on your overarching financial goals and
prioritize saving a certain percentage of your income. You’ll enjoy more
flexibility in spending because the anti-budget emphasizes the importance of
setting and achieving financial objectives without micromanaging daily expenses.


CHOOSE A BUDGET THAT FITS YOUR LIFESTYLE

Choosing the right budgeting strategy depends on your individual preference,
financial goals and lifestyle. Whether you prefer the traditional approach,
zero-based budgeting or an automated solution, the key is to find a budgeting
system that aligns with your personal habits. By adopting a structured method,
it’ll be easier to gain control over your finances, reduce money-related stress
and work toward achieving your long-term financial goals.

Want a deeper dive into different budget types and how you can put them to work
for you? Read more on homeowner.com, NerdWallet or Indeed!


RELATED TO THIS

 * Saving and budgeting for a house
 * How to save for a house
 * How I budget with variable income


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SHELLEY

Read more articles by Shelley
Shelley Sines has been writing for MGIC since she graduated from college in
2007. Currently raising a sweet little family with her husband in the suburbs of
Milwaukee. Happiest when cooking or gardening. Competitive Scrabble player.
Enthusiastic about road trips, wine, good TV.



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