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StitcherIf you love everything in its proper place but budgeting has never quite clicked, this one might be the missing piece. Spoiler alert: budgeting methods are all pretty similar—it just depends on how you approach them and how you move with your money. In this episode, Jen and Jill venture an easy guide for you to save smarter and reach your financial goals much faster.
In a season that is good, there’s permission to not be the most frugal with every single dollar.
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Check out some relevant episodes
Defining Zero-Based Budgeting
Out of all the budgeting methods out there, this article particularly discusses the wonders of zero-based budgeting.
What Jen + Jill have to say:
Jen explains that Zero-Based Budgeting is a method where you allocate 100% of your income, ensuring every dollar has a purpose. For Jill, it works like a puzzle where each piece or dollar fits perfectly to complete the picture of your monthly budget.
Jill loves this approach because it assigns every dollar to something, but she emphasizes the importance of keeping it simple—not everything needs its own category. They also highlight its key differences from traditional budgeting, being that Zero-Based Budgeting is more nitty gritty and trains you to be intentional about where every dollar goes and why.
How It Works
In Zero-Based Budgeting, every month starts with a clean slate. For a fresh start, Jen and Jill recommend YNAB, a budgeting app that supports Zero-Based Budgeting by focusing on money you already have. The next step is to assess all sources of income—not just your paycheck. Then, list every expense you expect for the month, no matter how big or small.
Finally, assign every dollar of your income to your listed expenses, ensuring every cent has a purpose. This method is your fastest way to achieve your financial goal according to Jen.
Why Use Zero-Based Budgeting
- Full financial awareness. Get a picture of your spending habits.
- Flexibility. You can always change as needed, it doesn’t mean that you’re doing it wrong.
- Goal-oriented. You can set and reach your financial goals with more ease.
The best thing you’ve ever budgeted for?
Jen’s is for buying an additional property and Jill’s favorite is spending out of her travel sinking fund.
Bill of The Week
Thank you Brenna for sharing your bill about your superpower – getting your son’s dream toy on FB marketplace for $15 – what could have been hundreds!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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What I love about the Frugal Friends Podcast also shines through in Buy What You Love Without Going Broke. It's like sitting around with a group of friends who are passionate about financial well-being, but you are excited to listen. Let's face it, reading about finances sounds a little dry, but Jen and Jill have a way of making it relatable while driving your curiosity to really delve into understanding how to better manage your money to fit the values you have prioritized for your life. I was blessed with an ARC copy, but sometimes the ADHD wins....so I grabbed the Audible version on the release date and walked around my yard and the grocery store until I finished! The fact that I picked up and put down a planner in the aisle of shame at Aldi, only later to reach the passage about well-intentioned but unused planners, is not lost on me. I'd recommend this book to anyone who is trying to wrap their head around their finances and wants to get there with your everyday kind of people who may never be billionaires, but may want to fund a billion memories instead! Happy Reading!
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