What are some effective budgeting methods?

There are several effective budgeting methods that can help you manage your finances better. Here are a few popular ones:

1. 50/30/20 method: This method suggests dividing your income into three categories 50% for necessities like rent, food, utilities, 30% for discretionary spending like entertainment, dining out, and 20% for savings and debt payments.

2. Envelope budgeting: This method involves allocating cash into envelopes for different expenses like groceries, entertainment, etc. and only spending the amount allocated for each envelope.

3. Zerobased budgeting: This method involves assigning a purpose for every rupee of income you have, so that your income minus expenses equals zero.

4. Pay yourself first: This method involves setting aside a fixed percentage of your income for savings or investments before paying for anything else.

5. 80/20 budgeting: This method involves saving 20% of your income and using the remaining 80% for all your expenses.

Choose the budgeting method that best fits your lifestyle and financial goals. The key is to stick to it consistently over time.