Take the Stress Out of Saving With Reverse Budgeting

Sponsored by JPMorgan ChaseTraditional budgeting doesn’t work for everyone — it can feel tedious, hard to keep up with, and unproductive when it comes to achieving long-term financial goals.& If you’re struggling with finding a budgeting system that fits your needs, especially if your needs include strategic saving, reverse budgeting may be right for you.& Never heard of reverse budgeting? Don’t worry — we’ll walk through the concept, why it works, and how you can get started.& What Is Reverse Budgeting?& You could just as accurately call reverse budgeting the ”pay yourself first” method. Instead of going line by line through your monthly expenses and allocating a set amount to every item, you’ll start each month by putting money toward savings and investment goals.& From there, you’ll take care of monthly essentials — rent or mortgage, utilities and subscriptions, groceries, child and pet care, etc. Finally, your remaining money is discretionary cash; you can use it for fun extras like dining out or entertainment, seasonal needs like new clothes, or extra savings.Why Should I Reverse Budget?Reverse budgeting isn’t for everyone, but it can be a highly effective financial management tool if you’re looking to save effectively or if you are&...