It may be the oldest personal finance tip in the book, but using and sticking to a budget works. It helps you keep track of your money and understand where it’s going. In this updated article, we cover the three most popular types of personal budgets.
You’ve probably tried or used one of these budgets before. If you haven’t, don’t worry, we have you covered regardless of your level of expertise. Armed with this knowledge, you can make smarter financial decisions short and long-term. Whether you’re paying down debt or saving for a house, a budget can help you achieve your goals.
Every household has a budget that works best for them and no two budgets look the same. It’s important to try out different budget types to see which one fits your lifestyle. And it’s OK if your budget isn’t perfect. The important thing is to start and try to stick to it.
As you track your expenses, you’ll notice trends and ways you can save or allocate your money differently. Remember, a budget is there to help you, not hurt!
And if we missed anything or you’d like to share your budgeting experience, let us know below in the comments. We’d love to hear from you.