WHAT IS THE BEST BUDGETING METHOD?: 50/30/20 vs. Envelope vs. Zero-Based Short

Have you ever wondered what the best budgeting method is? Or the best budgeting method to pay off debt? In this video, I share 3 different ways to budget and budgeting tips for beginners.

I compare the 50/30/20 budget method to the envelope budget method and the zero-based budget method.

—–
️ Free 2021 Budget Template: https://bit.ly/3cc9Z1W
—–
Watch next:
FREE 2021 BUDGET TEMPLATE: https://youtu.be/ElmQvQYqPZ4
MONZO BANK REVIEW: https://youtu.be/If86f29YiTQ
UNDERSTANDING YOUR CREDIT SCORE: https://youtu.be/C_tJtCjjGP8
—–

Rule 503020:
– Calculate your net income after taxes and deductions
– Allocate 50% of your budget to necessities (wants) like rent, mortgage, utility bills
– Allocate 30% of your budget to wants (desires) like clothing purchases, dining out, and subscriptions
– Dedicate 20% to paying off your debts or saving depending on your goals

Envelope methods:
– List all your expenses for the month and a budget amount
– Use an envelope or jars to keep the money from each expense.
– Use the money in the envelopes only for what it is intended for.

Zero-Based Budgeting Method:
– Income – Expenses = 0 remaining
– Calculate all your income
– Budget all your expenses
– If there is any left over, add it to debt repayments or invest it

—–

This channel creates videos about money management, personal finance, and online business. If you have any video recommendations, let me know in the comments!

—–

TOOLS AND SERVICES I USE:
○ Where I find my music (EpidemicSound) – https://www.epidemicsound.com/referral/b7elx5/
○ Keyword Research Tool for YouTube (TubeBuddy) – https://www.tubebuddy.com/peterwilhelm
○ How to find leads for my SMMA (D7 LeadFinder) – https://bit.ly/2LM7zfk
○ Where I Learn to Edit Videos (14-Day Skillshare Trial) – https://skl.sh/39wmeUe

—–

And make sure to subscribe to my channel!

—–

DISCLAIMER: Links included in this description may be affiliate links. If you purchase a product or service through the links I provide, I may receive a small commission. There is no additional cost to you! Please support my channel so I can continue to provide you with free content every week!

DISCLAIMER: This is not a financial advice channel and I am not a qualified financial advisor. All information is for educational/entertainment purposes only. It does not take into account individual circumstances. If you are making a financial management decision, please contact a qualified licensed professional if you need advice.

Please feel free to connect and share this video with your friends and family if you find it useful.