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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.

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[–] cheese_greater 2 points 11 months ago* (last edited 11 months ago)

There's an app called MoneyStats which does balance forecasting. Forecasting is necessary for me because I need feedback about how my decisions or plans affect the big picture and to be able to see whatever timeframe that I choose

Its the only thing that keeps one foot out of the financial aby$$. I just program in all my recurring and correct any imbalances every few days and review whenever I start losing the plot or just to make sure my model is representative of my reality and how I need to comport to ensure things stay tight