Determine How You’ll Allocate Your MoneyFirst, you need to create a budget to determine how much money you have to spend each month.Below are a few budgeting methods to consider. Whichever budgeting style you choose, make sure you have a good idea of what you can afford to spend in each of the categories you’ll track with the cash envelope method.Looking at your bank and credit card statements from the past few months and analyzing how you’ve been spending can be a great way to determine how you should budget your funds.The 50/30/20 Method: With this method, you dedicate 50% of your income to essentials like housing and groceries; 20% to financial goals like saving, investing and debt repayment; and…
Determine How You’ll Allocate Your Money First, you need to create a budget to determine how much money you have to spend each month. Below are a few budgeting methods to consider. Whichever budgeting style you choose, make sure you have a good idea of what you can afford to spend in each of the categories you’ll track with the cash envelope method. Looking at your bank and credit card statements from the past few months and analyzing how you’ve been spending can be a great way to determine how you should budget your funds. The 50/30/20 Method: With this method, you dedicate 50% of your income to essentials like housing and groceries; 20% to financial goals like saving, investing and debt repayment; and…