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4 New Ways to Start Budgeting

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As #girlboss Sophie Amoruso states: “Money looks better in the bank, than on your feet”.

Are you always short on money? I have tried many different ways to start a budget, always ending up to be sidetracked with more and more budgeting tips and in the end just giving up. To avoid this pitfall it is important to understand that there are many ways to budget and you need to find one, that fits you the best.


1# The 50/20/30 Rule

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This is one of the most advertised budgeting styles in which you divide your monthly net income in 50%, 20% and 30%. It is important to think in goals. 50% will go towards fixed expenses. These are the necessities you need to live your life. The ones that return each month, such as housing, phone, cable, etc. 20% you will put towards your financial goals. This could be saving, investing or towards a specific goal such as a buying a house. Best is to have this 20% automatically transferred to a special savings account, so you will not accidentally use it for something else. The remaining 30% you can use for anything else, because you have already covered your most important expenses and your financial goals. Therefore you can spend the rest how you like on whatever you like.

 2# Reverse Budgeting

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If you are pretty good at knowing your finances and know how to budget, this method could be good, if you wish to start saving for specific goals. The idea is that you set up several goals towards you want to put money each month. These goals are important to ‘pay’ first. An example of the funds would be; a holiday fund, an emergency fund, a retirement fund, or any other fund you would need to realize your goals in life. This way you can rest assure that you have money saved for important things that you need on your path to your short- and long term goals. The rest you can spend however you wish.

 3# The Envelope System

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Are you a bad ass in spending too much every month, and you don't really know where your money is going, than this might work for you. Each month take out your entire earnings and divide them in envelopes. Make envelopes for different categories such as household, dining-out, subscriptions, your morning latte, entertainment, savings, whatever you can come up with. After 2 months you can already see which of the envelopes will be used more frequently than others and any money left over you can put into a savings account. This method will make you more aware of the money you spend since you no longer swipe your card, but have to get cash and touch it every time you want to spend it.


4# App it up

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You can budget with pen and paper on your computer or use one of many apps that can help you along the way. Some apps that I like are Mint, TipYourself and digits. But often your personal bank will also have an app to help you with this.

What are your goals? Please share your thoughts in the comments section below as we are just as much inspired by you as you are by Eve & Elle.

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We are Olivia & Morgan

So both in our 30's, with exciting careers including fast track to CEO positions, we met at RSM Business School during our MBA in The Netherlands. 

Always afraid to drop the ball, we quickly figured out life after 30 is not about having everything together, but more about developing yourself, knowing who you and what your goals are and ESPECIALLY  knowing how to get there.

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