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

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Music: "Take Me Higher" by Jahzzar

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