{"id":691,"date":"2022-06-13T07:40:11","date_gmt":"2022-06-13T11:40:11","guid":{"rendered":"https:\/\/www.argentmaintenant.com\/blogue\/?p=691"},"modified":"2023-09-27T14:23:27","modified_gmt":"2023-09-27T18:23:27","slug":"what-are-the-best-monthly-budget-models","status":"publish","type":"post","link":"https:\/\/www.argentmaintenant.com\/blogue\/budget-en\/what-are-the-best-monthly-budget-models\/?lang=en","title":{"rendered":"What are the best monthly budget models?"},"content":{"rendered":"

There\u2019s no reason why you can\u2019t set yourself a solid but realistic monthly budget.<\/p>\n

Maybe you\u2019d like to take a vacation in the sun but can\u2019t seem to put enough money aside.<\/p>\n

Maybe you have debts you\u2019re slow to pay off because your pay cheques seem to evaporate faster than rain on asphalt.<\/p>\n

Whatever your situation, a\u00a0monthly budget\u00a0is the perfect tool for achieving your financial goals.<\/p>\n

Why make a monthly budget?<\/h2>\n

The fact is, everyday expenses are often the most pernicious! Small expenses of $10, $15 or $20 add up very quickly. Keeping track of these expenses on a monthly basis will make it easier to rectify the situation.<\/p>\n

There\u2019s also nothing to stop you from combining a monthly budget with an annual budget, to which you add expenses that recur less regularly.<\/p>\n

Which models to choose?<\/h2>\n

There are plenty of budget templates to choose from. Basically, all you need is the total amount of your after-tax income and an estimate of where that amount will go. Some people have hyper-detailed Excel files covering every single expense, while others prefer simpler, more flexible models. Here are some of the most popular models.<\/p>\n

The 50-30-20 budget<\/h3>\n

The 50-30-20 budget is a relatively simple model, ideal for those who don\u2019t want to list all their expenses. In practice, it involves allocating 50% of your net income to your needs, 30% to your desires and 20% to debt repayment or savings.<\/p>\n

But be careful not to confuse your wants with your needs! There can be a fine line between the two. What\u2019s more, the 20% earmarked for savings or debt repayment only applies to debts that are not urgent.<\/p>\n

For example, if you have a student loan and repay an automatic amount each month, this amount is part of your needs. If you want to pay off these debts more quickly, the extra amount will be included in the 20%.<\/p>\n

The 80\/20 budget<\/h3>\n

This simpler model allocates 20% to savings and 80% to everything else. It\u2019s ideal for those who want to save first and foremost without necessarily scrutinizing their spending. This one is not particularly recommended if you need to structure your spending.<\/p>\n

A simple way to put this budget into practice is to program a direct debit from your account corresponding to 20% of your net income every payday. This amount can be put into a savings account or any other type of investment that suits you.<\/p>\n

If you want to save even more, feel free to convert the 80\/20 into a 70\/30 or even a 60\/40. The idea is to save as much as possible so as not to be caught out\u00a0when the going gets tough.<\/p>\n

The envelope system<\/h3>\n

As the name suggests, the\u00a0envelope budgeting method<\/a>\u00a0involves having physical envelopes into which you put cash as you cash your pay cheques. This method is particularly interesting if you work in the service industry and regularly receive tips.<\/p>\n

However, this method can also work in the digital age if you create a few different savings accounts. For example, you could have a \u201chome and car\u201d account and a \u201cgroceries and restaurant\u201d account.<\/p>\n

You can also combine the two methods by withdrawing the total amount you allocate to a specific envelope. This could be an envelope to group all your utility bills together or an envelope for your wardrobe renewal budget.<\/p>\n

The number of envelopes and the type of expense are up to you! You can use the other budget categories as inspiration for your choices.<\/p>\n

The 5-category budget<\/h3>\n

This is a very common and slightly more detailed budget template. It will help you see where your money is going without you having to spend hours analyzing all your expenses. The five categories are housing, transportation, other living expenses, savings and debt repayment. We recommend that you allocate 35% of your budget to housing, 15% to transportation, 25% to other expenses, 10% to savings and 15% to debt repayment.<\/p>\n

This type of budget is ideal for people with a car and a fairly stable lifestyle, with debts that are present but under control. Also note that, as with the 50-30-20 model, the amounts allocated to your car or mortgage payments go into the transportation and housing categories respectively. If you want to pay off these two items more quickly, the amount allocated goes into the debt category.<\/p>\n

The \u201cessentials first\u201d budget<\/h3>\n

This rather simple model is ideal for those who have to spend a lot of money on debt repayments. The principle is as follows: each time you make a payment, you must first repay the amount that is to go towards paying off your debts. The remainder goes towards your other expenses.<\/p>\n

This way, you make sure you don\u2019t lose control of your debts and end up racking up tons of interest.<\/p>\n

Which budget model is best?<\/h2>\n

The best budget model is the one that fits your reality! You\u2019ll need to take into account your spending habits, your financial health and your goals.<\/p>\n

If you don\u2019t own a car and use mainly your bike and public transit, you probably won\u2019t need to allocate 15% to this method, as the 5-category budget suggests.<\/p>\n

Similarly, if you live in a big city with a low salary, you may need to allocate a higher percentage to housing.<\/p>\n

Finally, keep in mind that it\u2019s better to choose an imperfect model that you can follow than an exhaustive one that you\u2019ll quickly abandon! Don\u2019t hesitate to start with a simpler model and make it more complex as you become more comfortable with the art of budgeting.<\/p>\n

And don\u2019t forget, for any unforeseen circumstances; Argent\u00a0Maintenant\u00a0is at your disposal if you need money urgently.<\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s no reason why you can\u2019t set yourself a solid but realistic monthly budget. Maybe you\u2019d like to take a […]<\/p>\n","protected":false},"author":9,"featured_media":372,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"class_list":["post-691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-en"],"yoast_head":"\nWhat are the best monthly budget models? \u2014 Argent Maintenant<\/title>\n<meta name=\"description\" content=\"There are plenty of budget models to choose from. Which one is best suited to your lifestyle? 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