I wanted to see if there are folks out there currently using zero based budgeting. I want to start this on 7/01 and I am curious how it is working for others. My plan is to have a base amount of one month of expenses to represent my "zero balance starting point" and move forward that way. I'm thinking it can help me to maximize all funds by giving them a home/job to do.
@Tonya-E wrote:I wanted to see if there are folks out there currently using zero based budgeting. I want to start this on 7/01 and I am curious how it is working for others. My plan is to have a base amount of one month of expenses to represent my "zero balance starting point" and move forward that way. I'm thinking it can help me to maximize all funds by giving them a home/job to do.
Maybe you can educate us, or at least me, I have no clue what "Zero based budgeting" even means.
@ToxikPH wrote:
Zero-based budgeting is the type that YNAB runs off of and I'm sure there are a good amount of people that use it within this group. I personally use it and as long as you follow it properly it can be hugely beneficial. Just be willing to accept that you might be spending more than you should on certain things and paying attention will change your priorities.
LOL, that went over my head as well, I had to look up YNAB; it is a definite non-starter for me. Why? I have neither time nor energy to muck about with a budget. Fortunately I live so very far below my means it isn't an issue.
My husband I live well below our means as well. We have never lived in expenses above what either of us independently can carry alone as a safety net. However, I have student loan debt that I am aggressively paying off. I am thinking that this type of budget could help me to streamline that and shave off a few months.
@Tonya-E wrote:My husband I live well below our means as well. We have never lived in expenses above what either of us independently can carry alone as a safety net. However, I have student loan debt that I am aggressively paying off. I am thinking that this type of budget could help me to streamline that and shave off a few months.
That's awesome you're working to get that millstone from around your neck and I'll bet it'll feel great to no longer have that debt!
@ToxikPH wrote:
Zero-based budgeting is the type that YNAB runs off of and I'm sure there are a good amount of people that use it within this group. I personally use it and as long as you follow it properly it can be hugely beneficial. Just be willing to accept that you might be spending more than you should on certain things and paying attention will change your priorities.
@ToxikPH I am sure I am over spending in some areas. I review any areas I can cut or reduce every quarter (like insurance and such), but I think this is just that little extra push. That's why this particular budget appeals to me. I'm just trying to streamline things a bit. I am definitely committed to giving it a shot. Thanks for your input.
@Horseshoez wrote:
@Tonya-E wrote:My husband I live well below our means as well. We have never lived in expenses above what either of us independently can carry alone as a safety net. However, I have student loan debt that I am aggressively paying off. I am thinking that this type of budget could help me to streamline that and shave off a few months.
That's awesome you're working to get that millstone from around your neck and I'll bet it'll feel great to no longer have that debt!
Yes! It's been tough but I have managed to get rid of about 16k since Sept. 2020. I have a huge amount to go but my plan is to have it done within 24 months! It will definitely feel wonderful. It should have been gone already, but like many others have experienced, it's VERY easy to put off. I'm committed though.
@Tonya-E wrote:@ToxikPH I am sure I am over spending in some areas. I review any areas I can cut or reduce every quarter (like insurance and such), but I think this is just that little extra push. That's why this particular budget appeals to me. I'm just trying to streamline things a bit.
I've used YNAB for quite some time, and it made me realize that I am not disciplined enough to keep a budget...BUT it 100% changed my relationship with money for the better. It mad eme look at what I was doing, where I was throwing money away, it made me want to cut out as much as possible, if only for the fact that if I did so, I wouldn't NEED YNAB, and it worked.
@toothgrind3r wrote:
@Tonya-E wrote:@ToxikPH I am sure I am over spending in some areas. I review any areas I can cut or reduce every quarter (like insurance and such), but I think this is just that little extra push. That's why this particular budget appeals to me. I'm just trying to streamline things a bit.
I've used YNAB for quite some time, and it made me realize that I am not disciplined enough to keep a budget...BUT it 100% changed my relationship with money for the better. It mad eme look at what I was doing, where I was throwing money away, it made me want to cut out as much as possible, if only for the fact that if I did so, I wouldn't NEED YNAB, and it worked.
Nice! I have always thoroughly enjoyed budgeting. I keep both electronic budget software and a manual one on paper, lol ( I feel like writing it embeds it in my brain.) This particular style just looks like it is more laser focused, which I like. Don't think hubby will like it, but I will figure out a way to make it work for both of us.
It's good to get some experiences from others. It definitely convinces me this is something I want to at least try. Thank you so much for sharing your experience!