Do you have a Budgeting Method that you really stick to each month that you can truly follow? What is it? I’m struggling. SOS!
If you’re U.K. you can try HyperJar and splitting your money with that
If you’re in the USA I’d recommend YNAB (you need a budget)
@Joel has a great one. I think he can add his 2 cents.
I have what some would say a quite complicated budgeting method but I like it so
I have 6 checking/current accounts and 5 savings accounts with a different bank.
- Food - Groceries
- Household Bills - Electricity & gas, water, internet, local taxes etc
- Personal Bills - Phone bill, Spotify, charity, rent etc
- Personal Care - Haircuts, gym, protein etc
- Travel - Commute costs
- Day-to-day - Leftover money
- Long term savings
- Christmas presents
- Trips home
- Rainy day - I use this account if something a little more expensive
When I’m paid, I have automatic payments/standing orders to all these accounts. For example, when I’m paid every month, £160 is automatically transferred to my food account, £33 to Christmas presents etc
This means that before I can spend my pay, all my costs & savings are already covered. If I want to buy groceries, I use my ‘Food’ account card. If I want to pay for a haircut, I use my ‘Personal Care’ card. I now use my Curve card which merges all my cards into one but before that I would write on each card with a marker so I knew what they were in my wallet.
My ‘Day-to-day’ card is my spending money after all my savings and committed spending has been removed. I know exactly how much I have to play with every month.
Every 6 months I sit down and re-evaluate whether my budgets help or hinder my long-term goals.
If you haven’t switched off already, I hope that helps!
I’ve a fairly basic approach.
40-45% on bills
40-45% on food, entertainment, etc
10-20% on savings, rainy day, holidays, etc
I don’t have a budgeting method myself. I use Oval to save 10p everytime i do 1000 steps with Google Fit. It also rounds up to the nearest £1 when i use my bank card, and saves the difference. Squirrel also looks good, if you don’t mind paying £9.99 every month that money is deposited into your virtual Squirrel account.
Have you ever tried Squirrel?
I use(d) it for budgeting but have never transfered funds.
I’ve just opened it & got the pictured message
“Squirrel is pausing to relaunch a brand new app. Please withdraw all funds by Oct 20th! Join the queue now to get an exclusive invite to the new app:”