this post was submitted on 16 Dec 2023
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What budgeting advice do you recommend? Money management method?

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[–] [email protected] 10 points 10 months ago (2 children)

“Pay yourself first”. My bank has a feature that allows me to setup automated money transfers to and from different accounts based on rules I setup. The most important one is when any deposit is received from my employer, 20% of the amount is automatically transferred from my chequing account to my retirement account. My paycheque is deposited overnight and the money is already “gone” by the time I wake up in the morning. Treat it like another tax on your income that you have no way to avoid paying. Then live off what’s left.

[–] [email protected] 3 points 10 months ago

This is the way for stress free living.

You know for a fact that you'll have enough to deal with most of life's surprises.

That and stopping buying things on impulse. Wait a week and buy it if you still remember.

[–] [email protected] 2 points 10 months ago

I've heard this called the jar method.

I have accounts for travel, house expenses, utility bills, groceries, car expenses, and fun money. Each of them gets part of my paycheck. Every couple of months I take a look to see if things are getting out of whack.

The best part is that I can be an idiot and overspend with the fun money account. If I spend it all, there's absolutely no repercussions, since everything important is already safely in different accounts.

Also, when car expenses (or vacations) roll around, I already have money put aside for it.