3 Different Types of Budgets for People Who Hate Budgeting


The word budget can prompt a lot of uneasy feelings in some people. One reason for this could be that they’ve grown up being able to borrow money from their parents and could simply spend it on whatever tickles their fancy. Another reason for being afraid of budgeting could be because they’re unsure where to start or who to ask for help.


If you’re someone who falls into one of these two categories, have no fear! In this article, I’ll take you through five, easy-to-apply budgeting techniques that even the biggest budget amateur can learn!


  1. The time-based budget

This plan is tracks any expense that should be tracked within a certain time-frame. These time-frames can be yearly, monthly, weekly or even daily if you like to get down to specifics! The budget can be applied towards bills that come frequently or sporadically.

The following is an example of how to create a time-based budget:


Weekly budget

If you’re someone who gets paid bi-weekly, the weekly budget plan may be your best option. This budget allows for you to incorporate your weekly fixed expenses with more variable expenses such as getting coffee, eating out, getting gas, etc. They budget your weekly expenses to make sure you’ve got money in your account, week in and week out.


Monthly budget

This budget type is probably the most common amongst adults. Regardless of how often you’re paid, usually, you make the same income every month and have the same fixed expenses. Creating a monthly estimated budget at the beginning of a month helps to show an overview or your payments and understand where your money needs to go


Yearly budget

A yearly budget is something you can incorporate alongside a weekly or monthly budget. This often shows a lot about your personal spending habits in general. It can help you cut back on reckless spending that you didn’t even realize was happening! These budgets also include yearly expenses, such as insurance premiums.


2. The cash-only budget

If you find your spending is out of control, sometimes a cash-only budget can help you get your finances back on track. As the name implies, a cash-only budget means that you only use cash (or a debit card) for paying bills and other necessary spending. This method is a great way to get control of your spending, and helps you pinpoint areas where you could cut back.


3.  The bare-bones budget

Again, as the name suggests, the bare-bones budget can helps you to understand your life’s bare necessities like: food, housing, transportation and clothes. Some life events such as medical emergencies, a family death, or a job loss can require you to cut back on spending. This budget is the best way to help you survive those types of situations. Sometimes a good way to prepare for these problems, is to make sure that all essential expenses are no more than 50 percent of your income, that way if anything happens, you can still pay your bills.


So there you have it, 3 types of budgets for people who hate budgeting. Although I only went over these three, know that there are endless budget plans and ways to manage your finances! The key is to learn from your mistakes and figure out which works for you. If you have any questions about budgeting, feel free to reach out to me on the contact page.