this post was submitted on 20 Aug 2023
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What is your favourite budgeting method? (discuss.tchncs.de)
submitted 1 year ago* (last edited 1 year ago) by Blaze@discuss.tchncs.de to c/personalfinance@lemmy.ml
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A Vanguard video (https://m.youtube.com/watch?v=1nprZjV_6FM) refers to 4 budgeting methods

  1. the envelope method
  2. the pay yourself first method
  3. 50/30/20 method
  4. zero based budget method

Which one is your favourite?

Edit: non-text version with a 5th method: https://www.lendingtree.com/student/simple-budget/

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[–] lumberjacked@lemmy.world 4 points 1 year ago (1 children)

I use YNAB which I guess is technically zero based budgeting but we refer to the categories as envelopes. In my mind I’m doing the same thing as when I had cash in envelopes I just don’t have to deal with cash. I group my categories by the 50/30/20.

So I guess 4 with a bit of 1 and 3?

[–] deeroh@lemdro.id 3 points 1 year ago

Yeah! +1 for YNAB. Been on it for around 6 months now, can't imagine not using it anymore.