Budgeting Archives - The Ways To Wealth

What Is the Best Budgeting Method for You? Take This Quiz To Find Out

R.J. Weiss — Sat, 20 May 2023 20:53:06 +0000

With so many personal budgeting methods available, figuring out which one best suits your needs can be a challenge. This article outlines the best personal budgeting methods, breaking them down into easy-to-understand sections. Plus, it provides an interactive quiz to help you decide which budgeting method is ideal in your situation. When Choosing a Budgeting Method, Think of it Like a Map Personal budgeting is like planning a road trip. Imagine setting off on a journey and having a certain amount of fuel (your income) to get you to your destination (your financial goals). Your budget is your roadmap, guiding […]

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Dave Ramsey’s Household Budget Percentages

R.J. Weiss — Tue, 03 Jan 2023 07:00:00 +0000

One thing you can say about Dave Ramsey is that he keeps things simple. His baby steps are easy to grasp, as are his other rules (such as how much house you can afford). So, what does Dave say about recommended household budget percentages? And what does his ideal household budget look like? Let’s find out… Dave Ramsey’s Recommended Household Budget Percentages Ramsey uses a combination of income percentages and set figures drawn from national income averages to determine his recommendations. Additionally, his recommended budgeting percentages differ based on factors such as the size of your household, whether you need […]

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Best Free Personal Finance Budget Spreadsheets & Templates

R.J. Weiss — Wed, 09 Feb 2022 06:00:00 +0000

It’s no secret that budgeting works. In fact, the majority of millionaires keep a budget. That’s why we handpicked the best budget template for every type of person, goal and software preference (Numbers, Google Sheets, Excel, etc.). Whether you’re looking to get out of debt, gain control of your finances, manage your money better or just need a simple free monthly budget template, we have you covered. Know what you want? Use the table of contents button below to find the type of free budgeting template you’re looking for. The Best Free Personal Budget Templates We ranked the best budgeting […]

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50/30/20 Budget Formula Made Simple: A Step-By-Step Guide To Managing Your Money

R.J. Weiss — Tue, 21 Jul 2020 09:00:00 +0000

The 50/30/20 budget is a financial rule of thumb that separates expenses into three main categories — needs, wants and savings — based on take-home pay. Like most financial rules of thumb, it’s a solid starting point for many people. But as we’ll discuss in this article, there are some notable downsides to this approach. Keep reading to find out whether this budgeting method is right for you. 50/30/20 Budget: Three Things To Know 50/30/20 Budget Plan Explained Here’s a quick breakdown of how a few common expenses are divided up among each of the three categories. 50% Towards Needs […]

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Dave Ramsey Allocated Spending Plan: Guide, Forms & Worksheets

R.J. Weiss — Sat, 18 Jul 2020 07:00:00 +0000

If you’re struggling to stick to a budget, the Dave Ramsey allocated spending plan can help. An allocated spending plan — which is outlined in his best-selling book The Total Money Makeover and his paid course Financial Peace University — is a type of budget that allocates expenses into groups based on pay periods. I’d describe this method as “old school.” It predates the smartphone — and therefore even Ramsey’s own budgeting app EveryDollar. For most people, it’s still a manual pen-and-paper process that will take some effort. Despite that, an allocated spending plan can be an effective way to […]

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Pay Yourself First: Creating a Reverse Budget To Reach Your Goals

R.J. Weiss — Fri, 17 Jul 2020 16:01:50 +0000

Reverse budgeting — also called "paying yourself first" — can be a highly-effective budgeting approach. Here's a four-step guide to getting started.

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Dave Ramsey Envelope System: The Ultimate Guide

Ashley Patrick — Wed, 15 Apr 2020 07:00:05 +0000

As most readers know, Dave Ramsey is a financial coach who has helped millions of people get out of debt and build long-term wealth. Part of his program involves the cash envelope system, in which money is kept in physical envelopes that correspond to specific budget categories. The cash envelope system can be scary at first. It certainly was for me. I was afraid of losing my money and losing track of each category, both of which did occur when I was first starting out. And I was also afraid that my cash would get stolen, which turned out to be […]

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7 Money Management Worksheets for Better Financial Planning

R.J. Weiss — Fri, 24 Jan 2020 06:00:25 +0000

The more knowledge you have of your finances, the better decisions you can make. That’s why I’ve put together this list of seven free money management worksheets that will help you gain insight into your past, present and future financial situation. #1. The Poor Man’s Budgeting Worksheet Summary: Created by Jeff Hughes, this spreadsheet attempts to duplicate the popular YNAB budgeting software. The idea is to give every dollar a job. When income arrives, you allocate that money accordingly. Then, you adjust when needed. If budgeting hasn’t worked for you in the past, give this method a try. Bonus worksheet: A […]

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5 Personal Budget Categories to Manage Your Money Better

R.J. Weiss — Wed, 23 Oct 2019 16:39:16 +0000

The right personal budget categories will set your household budget up for success. The fact is we all have different ideas about how we like to spend money. As such, there’s no one-size-fits-all budget. Ultimately, the goal of a budget is to have your money give you more of what you want. Therein lies the secret to deciding on the budget categories best for you. Your goal is to maximize what your money can do for you. The One Personal Budget Category Every Budget Needs Instead of hoping for the best, it’s best to plan for the worst. Unplanned expenses […]

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