The 6 Styles of Budgeting Explained | How to Make A Budget

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The 6 Styles of Budgeting Explained | How to Make A Budget

So you’ve decided to take control of your finances, get your budget in order and live the life that you deserve, but you run into a problem. There are so many different budgets to choose from that it’s almost impossible to figure out which one is right for you. Today, that’s what we’re going to try and figure out. We’re going to be going over the 6 most common styles of budgeting, discussing the pros and cons associated with each style, and hopefully making it easier for you to make a decision on which to start with and use.

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[sandraward]

I have not found one budget that works for me. I take ideas and put them together to my own way of budgeting. Tracking my spending for years has helped allot. It takes time to change habits and thats ok 😊

[IBPaintsppp-wtou]

I enjoy doing automatic and comprehensive budgeting. It's not easy to keep up with no budgeting experience, but for intermediate and advanced budgeting it's a great way to do it.

[patrikkauppinen]

I just have 6 months emergency fund and all bills on auto-pay and from every pay check 15% is put into a global index fund, whatever is left after a comfortable lifestyle is just saved and goes towards saving to big ticket purchases like camper-van and such.

[Tesla-Cannon]

This made me realize is my budget is combo of percentage, automated, comprehensive styles...Maybe it's a sign to simplify and commit lol

[satine]

I just wanted to say thank you for sharing your knowledge.

[matthewkoch]

I budget 90% towards my needs and ten percent towards my goals, since I am in the last stages of paying off debt. Once the debt is dealt with, I intend to put 40% toward my needs(since I will have much lower expenses) and 60% toward my goals. I find it's simpler to not allow "wants" to enter the equation, since that would make me unhappy and frustrated. Besides, when you're low-income, you have to get used to not having what you want.

[gbritto]

On the 50/30/20 budget, debt minimum payments are apart of the 50% necessities. Even Elizabeth Warren has said that in interviews

[rahul]

Reverse budget all the way. Tracking your networth every month becomes addictive and keeps you motivated unlike other budgets.

[Tashas_Travels]

I’d actually make 30% my savings and 20% my wants.

[todd]

Would like a video on taxes once you retire FIRE to pay least taxes. And best way for a parent can leave money to kids following death. Thx great vid as always!

[jaidancraig]

Awesome video! I think budgeting is so important so that we can save and invest more in the future. Thanks for the great advice!

[TheNicoliyah]

I use a combo of the envelope and automatic budget

[reginajones]

I like the envelope method better than the other methods in this video.

[mauriceclark]

Thanks for sharing this info. What i use is the cash only budget to avoid credit card debt.

[moneywithmatin]

Hello. I am subscribed to your channel. Very nice as always. I share your passion for financial freedom. I just wanted you to make a video on how you make your videos including the editing tools you use. Thanks

[rickhernandez]

"Give every dollar a job on paper" Why couldn't anyone have told me that when I was 18.

[iamjacquesbarjon]

My budgeting style is probably most similar to the automatic style but I project far into the future so I'm always keeping my long-term goals in mind. I put as much on auto-pay as possible including my investments. I set a budget at the beginning of the month but then update my forecast for what I'm actually going to spend that month pretty much daily. I have an amount that I like to keep in my checking account ($10-15K) and an amount that I should be able to invest consistently every week comfortably, but I allow both to flex as various expenses arise.

[jennnewton]

Great compilation and visually engaging. Thanks!

[JimmyTyner]

Looking at your Budgeting video list, I think I see a separate video on each of these except for comprehensive budgeting. Am I missing something, or can you make a video that goes more into detail on comprehensive budgeting? A comprehensive video on comprehensive budgeting?

[brianshinkle]

Hey Dan, you sound so much like another Dan I listen to. Check out the podcast hardcore history with Dan Carlin! Amazing! It’s a compliment by the way ;)