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It's time to cut through the crap and get real about budgeting and saving. You're not a financial fairy prancing in a field of cash – you need hardcore, actionable strategies to whip your finances into shape. Let's break down the top 5 budgeting methods, their pros and cons, and how to kickstart them today.

1. The 50/30/20 Rule: The No-BS Budgeting Baseline

 Pros:

- Simple as Hell: 50% needs, 30% wants, 20% savings. Even a toddler can get it.

- Flexibility: Adjust the percentages like a financial DJ to suit your lifestyle.

- Savings Focus: Automatically squirrels away 20% for your future self.

Cons:

- Too Loose for Some: If you're a financial hot mess, this might be too lax.

- Wants vs. Needs Confusion: That new iPhone – need or want? Lines can blur.

How to Start:

1. Calculate your after-tax income.

2. Categorize your expenses – needs, wants, savings.

3. Adjust percentages to fit your real life, not your Instagram fantasy life.

2. Zero-Based Budgeting: Every Dollar on a Mission

 Pros:

- Accountability On Steroids: Every dollar has a job – no loafers allowed.

- Debt Demolisher: Great for aggressively tackling debt.

Cons:

- Tedious AF: Requires meticulous tracking and can be time-consuming.

- Not for the Faint of Heart: If you hate details, this will be your nightmare.

How to Start:

1. Track every damn penny – income and expenses.

2. Assign every dollar a purpose until you hit zero.

3. Use a budgeting tool because, let's face it, you're not doing this with pen and paper.

3. Pay-Yourself-First: The Selfish (But Smart) Approach

Pros:

- Savings First: Prioritizes your future so you're not screwed later.

- Psychologically Satisfying: Paying yourself feels good. Really good.

Cons:

- Tough on Tight Budgets: If you're scraping by, this can be challenging.

- Risk of Neglecting Bills: Make sure you're not robbing Peter to pay yourself.

How to Start:

1. Decide your savings amount – be ambitious but realistic.

2. Automate that transfer to savings.

3. Budget the rest like you're Scrooge McDuck.

4. The Envelope System: Old-School Cash Diet

Pros:

- Physically Limiting: When the cash is gone, it's party over.

- Spending Awareness: You feel every dollar – literally.

Cons:

- Not Practical for All Expenses: Try stuffing an envelope for your online Netflix subscription.

- Risk of Loss or Theft: Cash can't be password protected.

How to Start:

1. Budget categories like groceries, entertainment, and, yes, even booze.

2. Stuff designated cash into each envelope.

3. When an envelope empties, that's it – no raiding others.

5. No-Budget Budget: The Wild West of Money Management

Pros:

- Laid-back: If you're financially stable, this is as chill as it gets.

- Minimal Effort: Automate savings and bills, then live your life.

Cons:

- Easy to Screw Up: One wrong move and it's financial anarchy.

- Not for Newbies: If you're a budget virgin, steer clear.

How to Start:

1. Automate a solid chunk to savings – 10% or more.

2. Set up autopay for fixed expenses.

3. The rest is your playground – but don't go off the rails.

There's no one-size-fits-all in money management. Whether you're a tightwad or a spendthrift, find the method that fits your style and stick to it like glue. Remember, budgeting isn't about restricting your fun; it's about funding your future. So, get your financial shit together and start today.

Happy Holidays

This holiday season was “chill”, just the way we like it!

Our traditions are low-key but perfect for us, we always go see Christmas lights the Friday before Christmas, then on Christmas eve we have one “present” it’s a box with new pajamas and usually couple treats for the movie. And of course the Christmas Eve movie is “The Grinch”! All-time favorite, I might add.

I almost forgot the food!

Then simply wake up, this year the boys were up at 5:45 am! So that was joyus but it was amazing nonetheless. As for New Years we usually keep it light and just hang out as a family this year the boys talked us into staying up until Midnight……….. Maybe won’t do that next year.

Our goals for 2024….

To continue to grow… We have found that our happiness and those we want around us is more important than the titles of who they are to us.

As well as growing the business, growing the mental toughness of our boys and seeing their development in being able to just grind through a workout or chores, is something I am proud of.

The last of our goals is a secret for now but is one that will change the overall dynamic of our family and I am beyond excited!

Cheers to you and a new year!

Next Issue Teaser: (Issue #63)

Ready to crack the credit score code? In our next power-packed issue, "Debt Management and Credit Building: Your Roadmap to Financial Freedom," we're diving deep into the mystifying world of credit scores.

You'll learn the ins and outs of what makes your credit score tick, why it's the golden ticket to your financial dreams, and how every swipe, payment, and loan affects this crucial number.

Stay tuned for a no-BS guide to mastering your credit and unlocking doors to financial opportunities you didn't even know existed. Don't miss out – your journey to credit wizardry is just an issue away!

#NoBSWealth Clip of The Week

Cannot wait until next week or just want more, check out our podcast @nobswealth and catch us on Youtube. You can always follow me on Instagram and Twitter as well! Or just email me, [email protected].

Most importantly come check out our Website and give us some feedback. Make sure to subscribe to this newsletter and if you are wanting time to chat with me 1on1 you can schedule that here!