Which Budgeting Type Is Best For You
There is no right or wrong way to budget. The most important thing with budgeting is to stick to your budget. This post features two types of budgeting. Forward budgeting and Reverse budgeting. Which one is best for you?
- 1.You earn $100 extra cash. What do you do?
- A.
Put it towards rent or other bills
- B.
Put it in a savings account
- C.
Buy something for yourself
- D.
Enjoy a night on the town
- 2.You are saving up for a new car and need $5000 more. What do you do?
- A.
Watch your spending carefully and spend as little as possible
- B.
Work overtime and put as much money into savings as possible
- C.
Get discouraged and give up
- D.
Put a set amount into savings immediately after each paycheck
- 3.Which of the following best describes your five-year plan?
- A.
I live life one step at a time. Plans will change so why make plans?
- B.
I have specific goals and have strategized how to achieve them.
- C.
People actually plan that far in advance?
- D.
I know where I want to be and I will take whatever path presents me with success.
- 4.How do you prepare your grocery list?
- A.
I don’t, I shop each time I need to cook.
- B.
I prepare a shopping list before and only veer from it occasionally.
- C.
I don’t write a list but I have a general idea of what I need when I go.
- D.
I eat out, so I don’t grocery shop.
- 5.How do you handle household chores?
- A.
I let it go as long as possible then clean right before company comes over.
- B.
I have a routine that I follow to keep me on track.
- C.
I don’t clean unless I have to.
- D.
I write a to-do list and check each item off the list as I complete it.
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