From the course: Budgeting in Real Life
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Pick your system and set up your budget
From the course: Budgeting in Real Life
Pick your system and set up your budget
- Maybe you've heard that you should use envelopes of cash to budget or cut out all discretionary spending. Maybe you've heard that tracking every penny is the only way to go. These approaches can certainly work, but what if you don't want to track your spending super closely or carry around envelopes of cash or dedicate hours each month to budgeting? I want to show you how to look at your spending differently and budget without really having to track much of anything. First, think about your spending in two main categories, fixed and flex. Fixed expenses are those that are the same amount each month. You're not making an active spending decision. Rent, Hulu, utility bills, your gym membership, these are all fixed expenses. It doesn't matter whether they're mandatory or not, or just for fun. It's just about the fact that they're the same amount each month and can be put on autopay. That's what makes them fixed expenses.…
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