How to Cut Your Budget When There’s Nothing Left to Cut

Inflation is rising and wages are flat, making it hard to make ends meet. So how can you cut your budget when it feels like there’s nothing left to cut?

First, don’t despair. I know it can feel incredibly discouraging when you’re eating crackers for supper and the latte factor seems like a joke. I’ve been there, and it is possible to get through it.

There are still ways you can get back on your feet, even when it feels like there’s nothing left to cut.
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The No-Budget Budget Method

Are you someone who hates budgeting? Do you find that you still need to manage your money in some way? (You know, to keep from overdrafting and to pay your bills?) If you answered yes to those questions, then the no-budget budget method may be for you!

With the no-budget budget, you don’t have to stress about making a budget each month. Instead, the no-budget budget allows you to focus on other parts of your finances. (Like getting out of debt or saving up for a specific goal.)

If you’re interested in learning more about the no-budget budget, keep reading. We’ll cover everything you need to know about this budgeting method, including how it works and whether or not it may be right for you.
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How to Split Expenses With Your Partner

There are many ways to split expenses with your partner or spouse. Keep in mind that the most important thing is to do so in a way that feels right to both of you.

And that’s really the key: you need to BOTH feel good about it.

You also need to be willing to revisit it over time if it’s no longer working or you decide another method might work better for you.

So now let’s jump into how to split expenses with your partner, including the fairest ways!
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How the 50/30/20 Rule of Thumb Works for Budgeting

Wouldn’t it be nice if you could budget without a lot of fuss? The 50/30/20 rule of thumb can help you do exactly that.

Using the rule helps you to quickly see both where you stand and where you may need to adjust. It’s an easy way to get a big-picture view.

What is the 50/30/20 Rule of Thumb?

The 50/30/20 rule is a simple way of budgeting. To use it, you put 50% of your after-tax income toward needs (aka must-haves), 30% to wants, and 20% to savings (and debt). Like all rules of thumb, it acts as a broad guideline that works for many people.

It was created / made popular by Elizabeth Warren (yes, that Elizabeth Warren) and Amelia Warren Tyagi. They call it the Balanced Money Formula in their book, All Your Worth.

Warren & Tyagi point out that comparing your spending to the rule “helps you flag when something is wrong, and it shows you where you need to take a closer look at your money choices.”
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