Ask Lemmy

26919 readers

2176 users here now

A Fediverse community for open-ended, thought provoking questions

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

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.

Reminder: The terms of service apply here too.

Partnered Communities:

Logo design credit goes to: tubbadu

founded 1 year ago

MODERATORS

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

submitted 10 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

[–] [email protected] 3 points 10 months ago (1 children)

I mostly use the envelope method. My parents used literal envelopes when I was growing up, and somewhat early in my adulthood and in my career I came upon the online bank Simple. That bank changed the way I look at finances and saving money. So I still do it the way they taught me to do it.

I now use a bank called Monzo, and they are working toward building in a very similar budgeting method to Simple, with "Pots" instead of envelopes, that automatically get filled with money every paycheck.

[–] LesserAbe 2 points 10 months ago (1 children)

I previously had Simple, and One before that, but banks don't seem to like the buckets/pots/envelopes paradigm. You said Monzo is working towards it, what does that look like currently?

[–] [email protected] 2 points 10 months ago

They have "Pots" that you can manually move money to, or have money moved to them every time you get paid, or move money to them on a set schedule.

You can link your other bank accounts and credit cards, and have money moved to a "credit card pot" automatically to cover your credit card bills.

https://monzo.com/us/money/see-it-all/