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Which Budgeting Method Is Right for You? Take This Quiz to Find Out
If you’ve read a bunch about budgeting but still feel lost, you’ve come to the right place. Not all budgeting methods are created equal. And certain strategies for creating and maintaining a budget can be intimidating for beginners or difficult for particular financial situations.
Before starting a spreadsheet or investing in a budgeting binder, take our quiz to set yourself up for success. This quiz asks a few basic questions to determine your preferences and current finances, then makes recommendations for budgeting methods based on your answers.
Keep in mind that in some cases, multiple budgeting methods might be the right strategy to get your finances on track. You could start with a more structured strategy to closely track expenses, then gradually taper off to a flexible approach that maintains your budgeting priorities.
So if you see your score is spread evenly across several choices, try incorporating elements of different budgeting methods into your financial planning approach. As with most things in life, budgeting is not a one-size-fits-all situation.
Answer the questions to find which budgeting methods would work best given your preferences and financial situation. Try to choose just one option for each question but if you feel there are two (or more) that apply, jot it down to adjust your final results for a better fit.
Keep track of your answers by the number to figure out your score at the end.
Congrats! You’re on the way to finding the right budgeting approach to fit your life. Take a look at which option you chose most often in the questions above. Then reference the guide below to find your best budgeting match.
If you’re in financial crisis or in desperate need of a reset to get back on track, both bare bones and zero-based budgeting methods can help. Accounting for every dollar and closely tracking expenses pinpoints where your money is going each month so you can triage and take action.
Learn more about bare bones budgeting and zero-based budgeting.
When you get paid bimonthly, budgeting can be a real hassle. You may start the month flush with cash only to find your checking account drained after paying down bills up front. Both paycheck and half payment budgeting methods are perfect for dividing up costs throughout the month or handling variable expenses.
Learn more about paycheck budgeting and the half payment method.
Curbing impulse spending is one of the biggest challenges budgeting addresses. Both zero-based budgeting and kakeibo help you see where each dollar is going so you can get a handle on discretionary spending and start saving. They’re also good methods for beginners who are still trying to get the lay of the land when it comes to their finances.
Learn more about zero-based budgeting and kakeibo.
Prioritizing savings is something everyone says they want, but most of the time no one is setting aside the bare minimum. Both the 50/30/20 budgeting method and the 60% solution allow flexibility to accommodate living expenses while steadily chipping away at those savings goals.
Learn more about 50/30/20 budgeting and the 60% solution.
If the thought of Excel spreadsheets has you breaking out in a cold sweat, never fear. You can budget just fine with pen, paper, and a simple calculator. Methods like Kakeibo or a Calendar Budget are a great fit for list-makers and visual learners who like the satisfaction of budget planning in print.
Learn more about kakeibo and calendar budgeting.
Kaz Weida is a senior writer with The Penny Hoarder.
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