Are you ready to give up on budgeting altogether? Before you throw in the towel on your financial goals, here are eight budgeting ideas you probably haven’t taken for a spin that could change your mind.
1. Reverse, Reverse!
Have you ever considered budgeting in reverse? This method involves picking a goal, allocating money for that goal first, and using the rest of the money as you see fit. It’s a fantastic way to pay yourself first and assert your money-making goals over everything else, helping you prioritize your spending better.
2. Try Envelopes
If you’re a more tactile person, you might want to consider a cash-only budgeting system. Pick up some envelopes, mark down each one and what it’s for, and put the appropriate amount of cash in each to complete your budget. This method is particularly good for those who already have cash on hand, such as service industry workers.
3. Use the Apps
For many people, the issue is that their budgeting method is either too dull or too complicated. Budgeting apps like You Need A Budget (YNAB) have built-in features that make budgeting a breeze. So, if time or effort has been an issue for you, try this first.
4. Challenge Yourself
Try a self-imposed spending and savings challenge! Motivate yourself to budget by upping the ante; tell yourself you have to go an entire weekend without spending a dime. Any money you would’ve spent? That goes right toward your savings or other financial goal. It’s not a hard-and-fast budgeting method but a way to get things back in motion.
5. The Kaeikobo Method
Many people are much more visual and don’t love the idea of having their budget on their phone or computer. For you, we’d recommend the Kaeikobo method — a Japanese budgeting method that’s all about having a physical ledger for your finances. Plus, buying a new journal and some fun pens can help keep things interesting for the unmotivated.
6. Weekly Budgeting
Monthly budgets are a struggle for those with irregular incomes, but there’s no reason you can’t try a weekly budget instead. This can prevent you from feeling overwhelmed by your expenses, having to guess what you’ll make three weeks from now, only to constantly have to update it because it fluctuates so much.
7. The Trusty Spreadsheet
Let’s face it—if you’re not interested in the Kaeikobo method but aren’t keen on the apps either, you need a happy middle ground. The humble spreadsheet is often overlooked since people prefer more bells and whistles to their budgets. But if that doesn’t sound like you, then there’s no shame in the Excel game.
8. Paycheck to Paycheck
Our final tip is excellent for those new to budgeting who want to start but aren’t sure about their long-term financial goals. Here, you’ll make a new budget every time you get a paycheck. It’s similar to the weekly budgeting concept in that it’s much more streamlined for those with variable income. It can help break up an otherwise confusing budgeting system into easier-to-manage bites.
