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Four Unique Ways to Budget

There are several different approaches to budgeting that can be effective in helping individuals and families manage their finances and achieve their financial goals. Here are four major ways to budget:

1.    The 50/30/20 budget: Under this budgeting method, 50% of your income is allocated towards essentials like housing, food, and transportation, 30% is allocated towards discretionary spending, and 20% is saved or invested.

2.    The envelope budget: Under this budgeting method, you set aside cash in envelopes or a separate account for each budget category (e.g. groceries, entertainment, etc.) and spend only the cash in each envelope or account. This can help you stay on track with your spending and avoid overspending.

3.    The zero-based budget: Under this budgeting method, you allocate every dollar of your income to a specific category, with the goal of having a "zero" balance at the end of the month. This means that you need to account for all of your income and expenses, including savings and investments.

4.    The value-based budget: Under this budgeting method, you prioritize your spending based on your values and allocate your income accordingly. For example, if one of your values is to save for retirement, you might allocate a larger portion of your income towards retirement savings.

It is important to find a budgeting method that works for you and your financial situation. You may need to experiment with different methods to find the one that works best for you.

The commentary on this website reflects the personal opinions, viewpoints and analyses of the Ascend Investment Partners employees providing such comments, and should not be regarded as a description of advisory services provided by Kesler, Norman & Wride, LLC dba Ascend Investment Partners or performance returns of any Ascend Investment Partners Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Ascend Investment Partners manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. 

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