What budgeting advice do you recommend? Money management method?

  • DeepChill@sh.itjust.works
    link
    fedilink
    arrow-up
    10
    ·
    11 months ago

    “Pay yourself first”. My bank has a feature that allows me to setup automated money transfers to and from different accounts based on rules I setup. The most important one is when any deposit is received from my employer, 20% of the amount is automatically transferred from my chequing account to my retirement account. My paycheque is deposited overnight and the money is already “gone” by the time I wake up in the morning. Treat it like another tax on your income that you have no way to avoid paying. Then live off what’s left.

    • Quazatron@lemmy.world
      link
      fedilink
      arrow-up
      3
      ·
      11 months ago

      This is the way for stress free living.

      You know for a fact that you’ll have enough to deal with most of life’s surprises.

      That and stopping buying things on impulse. Wait a week and buy it if you still remember.

    • sbv@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      2
      ·
      11 months ago

      I’ve heard this called the jar method.

      I have accounts for travel, house expenses, utility bills, groceries, car expenses, and fun money. Each of them gets part of my paycheck. Every couple of months I take a look to see if things are getting out of whack.

      The best part is that I can be an idiot and overspend with the fun money account. If I spend it all, there’s absolutely no repercussions, since everything important is already safely in different accounts.

      Also, when car expenses (or vacations) roll around, I already have money put aside for it.