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Creating your budget can be hard, and following it can seem even harder. With so many different types of budgets you can use, choosing one that will work for you may seem impossible. We’ve got three popular and helpful budgets that suit different types of financial goals and personalities.

Pay Yourself First Budget

Best For: Savers

  1. Start with your monthly income
  2. Pay yourself first, by subtracting money for your savings goals
  3. Pay Regular Bills
  4. Decide what to do with the surplus, you’ve already met your savings goals so it’s up to you!

50/20/30 Budget

Best For: Spenders

  1. Start with your monthly income
  2. 50% of your incomes goes to housing, transportation, utilities, and groceries
  3. 20% of your income goes to savings, retirement, and debt repayment
  4. 30% of your incomes goes to lifestyle expenses, such as entertainment and childcare

Zero-Based Budget

Best For: Regular Monthly Income

  1. Start with your monthly income
  2. Subtract out your monthly expenses, such as rent and food expenses
  3. Subtract out your variable expenses, such as entertainment and clothing expenses
  4. Account for your savings goals, such as an emergency fund
  5. Have a bottom line of $0 – every dollar should be accounted for