Ask Lemmy

27255 readers

1391 users here now

A Fediverse community for open-ended, thought provoking questions

Rules: (interactive)

1) Be nice and; have fun

Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them

2) All posts must end with a '?'

This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?

3) No spam

Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.

4) NSFW is okay, within reason

Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either [email protected] or [email protected]. NSFW comments should be restricted to posts tagged [NSFW].

5) This is not a support community.

It is not a place for 'how do I?', type questions. If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email [email protected]. For other questions check our partnered communities list, or use the search function.

6) No US Politics.

Please don't post about current US Politics. If you need to do this, try [email protected] or [email protected]

Reminder: The terms of service apply here too.

Partnered Communities:

Logo design credit goes to: tubbadu

founded 2 years ago

MODERATORS

What's involved in your budgeting method? (self.asklemmy)

submitted 11 months ago by LesserAbe to c/asklemmy

34 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[–] whenigrowup356 5 points 11 months ago (1 children)

I always found it easier to basically automate the process as much as possible. "spend" every recurring expenditure and also set aside the most aggressive savings/investments possible using separate bill pay and savings accounts or buckets. Everything is taken out of the main account as soon as your paycheck hits, so it means everything you see on your spending account is a free dollar that you can use for fun or food.

Some people might operate better with a set amount for groceries too, but I personally found that too restrictive.

A good budget is one that you stick to, helps you achieve your goals, and crucially, allows you to enjoy your life to at least some extent. Whatever method works for you, it's important to give yourself permission to spend some money on fun. However small.

[–] LesserAbe 1 points 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.