On Wednesday, December 14 our Augusta office will open at 9:30 AM and our Winslow office will open at 10:00 AM.

Connected Credit Union FacebookConnected Credit Union InstagramYouTubeBlog
Connected CU
Connected CU
Keeping you informed

Blogging with Kerri

Keeping you informed

Home > 3 Popular Budgets You Can Stick To | Connected Credit Union

Budgeting made easy!

8/5/2020

3 POPULAR BUDGETS YOU CAN STICK TO

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

Steps:

  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

Steps:

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

Zero-Based Budget

Best For: Regular Monthly Income

Steps:

  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


« Return to "Blog"