Firevalt Blog has a new definition of budgeting.
What does the word “budget” mean? I think for most people it means pre-determining how much money can be spent on each expense category per month… Another way to budget – the way I prefer – is to compare all your monthly expenses (out-goes) to your monthly income (in-goes) with the goal of being cash flow positive each month. This type of budgeting seems to be more effective because it eliminates the tedium of budgeting for each specific category.
It’s a short post, but it might help the budget-impaired.
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