![]() Yes, that’s easier said than done, but we do have some side hustle ideas for you and a few other ways to make some extra money. If you’re only making $2,300/month, you need to find an extra $700 to afford your expenses. Say all of these expenses cost you $3,000/month. The total is the base income you need to reach. Include items like:Īdd up how much each of these costs. If you’re at the end of your rope and can no longer cut any more costs (or you simply don’t want to cut any more costs), the expense-income approach makes sense.įirst things first, you’ll start by listing your expenses. The expense-income approach flips this around and forces you to focus on making more money rather than reducing your expenses. “Traditional” budgets focus on how much of your income is needed to pay your expenses. Read more: Need help with your budget? Try a weekly budget 4. Divvying out my money each week helps break my expenses down into manageable amounts. Each one of my clients pays me on a different day of the month, and the amount varies from month to month. Weekly budgetsįor anyone who has an irregular income or has a hard time making a monthly budget work, a weekly budget can help you more realistically plan where your money goes.Īs a freelancer, I’m a big fan of this budget method. ![]() ![]() Read more: Pay yourself first: how to save more money the easy way 3. Anything left is what you can use for fun money. However, rather than subtracting your recurring expenses, you set aside money for any savings goals and investments you have first.Īfter that, put money aside for your bills and debt. Like any budget, you’ll start by totaling your income. If you’ve been trying to rethink your budget and prioritize your savings goals, the reverse budgeting method is the perfect place to start. Read more: Kakeibo: the Japanese budget method explained 2. In order to keep yourself accountable, you’ll always want to evaluate your spending and saving each month by asking these four questions: Once you have the journal you want to use, start keeping track of the following:Īfter you know these numbers and categories, subtract your expenses from your income and set aside some cash for each savings goal you have. Plus, using pen and paper can simply be more fun. Just like regular journaling, keeping a budget journal holds you accountable to your financial goals. Translated, Kakeibo means “household financial ledger,” and that’s exactly what the method focuses on: creating a physical financial journal to budget with. Instead, contact us directly.As you may be able to guess from the name, Kakeibo is a Japanese budgeting method. If you wish to share feedback with us about product selection, pricing, ordering, delivery, or other customer service issues, please do not submit this feedback through a product review. Critical or spiteful comments on other reviews posted on the page or their authors. ![]()
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