What Can You Learn from Different Types of Budgets?
Which budgeting method is right for you? In Episode 18 of the HopeFilled Financial Podcast Jay describes the top 5 types of budgets according to Finmasters.com. Jay dives into pros and cons of each type of budget and provides his insights into each budgeting method. These include the Zero-Based Budget, the Envelope System (AKA Cash Stuffing), the 50/30/20 Budgeting Method, the Pay Yourself First or 80/20 Budget, and Reverse Budgeting. Is it possible to mix and match methods? Are their any means of budgeting that you would like to see covered in a future episode?
The story is a throwback to the old days of engineering and using simple line work to convey information. From hand drafting to BIM/REVIT modeling of modern day, there are not many mindsets and methods for architects, engineers, and consultants to design buildings. When it comes to budgeting and personal finance, there are also multiple mindsets and methods. There is more than one way to design a building, and every approach to budgeting is a little different. How is your budgeting unique to you?
The answer to our listener question is about budgeting for spontaneous bulk food purchases. How can budgeting work when you like to spontaneously buy food in bulk? Does buying food in bulk make budgeting imposible? Remember, your budget won't be a copy-paste from month to month, so don't try to squeeze into that mold.
Article Reviewed: Budgeting Methods: 5 Types of Budgets Explained: https://finmasters.com/budgeting-methods/
Dale Carnegie Quote: https://www.azquotes.com/quote/48676?ref=wanting-more
Please don't forget to like, share, and subscribe! Doing so helps us grow and share HopeFilled financial wisdom. We release a new episode every Tuesday! Subscribe if you don't ever want to miss an episode!
Disclaimer: This podcast serves as educational entertainment only. Any and all opinions relating to real estate, law, taxes, insurance, and/or securities investing that may be contained within this podcast should not be interpreted or implemented as recommendations nor advice. The opinions related to these topics – especially those regulated by state and/or federal entities – should never be taken as replacement for advice from a competent, licensed professional. HopeFilled Financial Coaching is not liable for any individual acting on any understanding of topics directly or indirectly related to real estate, legal practice, taxes, insurance, or investing even if an individual in question changed their understanding after listening to this podcast. All listeners are entirely responsible for seeking advice from licensed professionals before taking any action of their own. Our Website: HopeFilledFinancial.com
Music: "Take Me Higher" by Jahzzar
Music Copyright License: This music is licensed under the Creative Commons Attribution-ShareAlike 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA.
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