Jim Boulden: Let's talk about the different types of budgets. He says a line item budget is where you account for every dollar coming into your household. A zero base budget is kind of similar thing where you're giving each dollar a job, he says. Most of the time it's 50% 50% of your money goes towards your needs and 20% to savings, writes Boulden.
Budgeting is simply a plan of what your money needs to do. It helps align your spending with what you value so you can achieve your financial goals. Despite what it might feel like, budgeting actually is not restrictive but gives you freedom to spend the way you want without stress and guilt. We talk about different types of budgets and who those budgets might work for. Disha provides insight on different budgeting apps and products, and we talk about why budgeting is important and how it is not just for beginners in the financial world. We also dive into some questions from our listeners about taxes, spending, and investing. See full show notes here https://www.whitecoatinvestor.com/how-to-set-up-a-budget
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