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There Have you ever heard of “zero based budgeting”?
I consider myself pretty money savvy, so I know the ins and outs of budgeting. So when I started hearing about “zero-based budgeting,” I became curious to know more about it. I was taught expenses should be less than income. Then, any money you have leftover should be put towards your debt or a savings goal.
A lot of times people believe budgets are limiting, and there seems to be a constant struggle either to make more money or spend less money. Sometimes it’s both. I’m a firm believer in budgeting as a way to keep you out of debt.
What You Need To Know About Zero-Based Budgeting:
What is zero-based budgeting?
First, some terminology. The folks at NerdWallet explain the idea of zero-based budgeting, or zero-sum budgeting centers around the idea that each month the difference between your income and your expenses would be zero. In other words, all of your money should have a job — either set towards your expenses, your debt, or your savings. No money is “leftover.”
In reality, sometimes this happens to us by default, right? Zero-based budgeting is designed to be this way.
What are the steps of zero-based budgeting?
Zero-based budgeting is pretty easy to start. You’ll want to begin by knowing your income and expenses for a few months so you have an idea of what is currently happening with your finances. If you are coming up with negative income, you can look at your expenses and see where you might need to cut back. If you are coming up with excess income and aren’t quite sure what’s happening to it, you’ll want to figure it o… Read More
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