The No-Budget Method of Budgeting - Mint & Gold Story (2024)

FAQs

What is the no-budget method? ›

You don't create any kind of serious plan for most of your money, instead dividing it into two categories: savings & fixed expenses. This budget is perfect for people who are not really interested in creating an extensive budget or spending a lot of time figuring out where their money is going.

Zero-based budgeting differs from traditional budgeting in that the companies using it create a budget for each new period. The benefits can include lower costs by keeping old and new expenses in check. Potential disadvantages are that it can reward short-term thinking and be resource-intensive.

How to use the Mint budget app. Once you sign up and enter your personal information, Mint uses your credit history to identify your various financial accounts including credit cards, savings, checking, loans, investments, property, and taxes. You'll have the option to add each account to the app.

What Is the Golden Rule of Government Spending? The golden rule of government spending is a fiscal policy that a government should borrow only to invest, not to fund current spending. In other words, the government should borrow money only to make investments that will produce long-term benefits for the future.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

The potential consequences of not having a budget can be severe. Without a budget, it's difficult to identify risks and challenges and determine how quickly you need to address them before your financial resources suffer. It can lead to overspending, financial instability, and inability to make informed decisions.

Cons of Zero-Based Budgeting

You're also faced with getting other departments to cooperate, and they might not be able to adequately measure their needs for the entire year. The process might not include fixed costs included in a contract, such as an office or building lease.

Bottom line. If you feel like you just have no luck when it comes to sticking to a budget, the problem could lie in a handful of different things. A budget that's too restrictive, doesn't account for your inconsistent cash flow, isn't realistic or just isn't the right method for you can set you up for failure.

In less than two weeks, the budgeting app Mint — which once had 3.6 million active users, including me — will shut down forever. According to its parent company, Intuit, Mint wasn't making enough money, so Intuit began the app's closure in January.

Why is Intuit getting rid of Mint? ›

The reason for closing down the Mint app is the supposed consolidation of Intuit's personal finance products and to prioritize their focus on Credit Karma, which has more features and functions than Mint. However, some key features that made Mint what it is are said not to be available in Credit Karma, like budgeting.

Mint will go offline March 23, 2024.

Budgeting apps are a great way to get a grip on your finances. Typically, they link to your banking, credit card and investment accounts and can track your purchases and show you how close you are to reaching your savings goals.

Mint recently announced: “Reimagining Mint as part of Intuit Credit Karma will expand our capabilities,” which is them trying to put a positive spin on the fact that they're shutting down their budgeting app capabilities—and Mint budgeters won't be able to access their budgeting accounts or continue budgeting starting ...

Mint aficionados need not despair because Intuit shuttered the popular free money management app on March 23, 2024. Although users are being routed to the company's other tool, Credit Karma, there are many other personal finance apps that have functions similar to Mint.

1. Quicken Simplifi. The Quicken Simplifi app offers a wealth of features, including customized reports and personalized spending plans. Once you import data like your bank account and billing information, the Simplifi app allows you to track income and spending, manage savings goals and stay on top of bills.

Zero-based budgeting (ZBB) is a budgeting technique in which all expenses must be justified for a new period or year starting from zero, versus starting with the previous budget and adjusting it as needed.

But I want to be clear: A zero-based budget doesn't mean you have zero dollars in your bank account. It just means your income minus all your expenses equals zero.

A zero-based budget is a framework that assigns a job to every dollar of your take-home pay. In other words, you're aiming for what you bring in and what you send out to hit zero each month.

The No-Spend Challenge isn't giving up all spending, again it's nonessentials. You need to pay the bills and buy important things that pop up (like groceries or school supplies, or even a new heater if yours goes out). The goal is to challenge yourself to only spend on the essentials.