Your achievements

Level 1

0% to

Level 2

Tip /
Sign in

Sign in to Community

to gain points, level up, and earn exciting badges like the new
BedrockMission!

Learn more

View all

Sign in to view all badges

SOLVED

Budget strategy

OuiOuiOui1
Level 1
Level 1

I have a ROI goal and a fixed budget. What budget strategy should I be using? (I see separate for ROI and Daily budget) 

1 Accepted Solution
gbhat
Correct answer by
Employee
Employee

The short answer to your question is that you can use either of the budget strategies (ROI or Daily) and not lose sight of your other objective. 

If you use the Daily budget, you can continue to monitor your ROI by running reports and/or looking at Simulations. The Simulations will recommend a budget based on your ROI.

If you use the ROI strategy, you can set up a min and max daily budget within which you want to hit your ROI target.  

If it helps, the most popular budget strategy is the Daily budget. 

View solution in original post

3 Replies
gbhat
Correct answer by
Employee
Employee

The short answer to your question is that you can use either of the budget strategies (ROI or Daily) and not lose sight of your other objective. 

If you use the Daily budget, you can continue to monitor your ROI by running reports and/or looking at Simulations. The Simulations will recommend a budget based on your ROI.

If you use the ROI strategy, you can set up a min and max daily budget within which you want to hit your ROI target.  

If it helps, the most popular budget strategy is the Daily budget. 

View solution in original post

madhatdesigner
Level 1
Level 1

Daily Budgeting is appropriate from my guess for you. but it is true it differs from person to person & Strategy to strategy.

I personally like  automation strategy from Ramit Sethi. I had separate accounts for bills, savings, and spending, and my direct deposit got automatically split between those accounts. As soon as I went away from that method to trying to keep track of everything in a single account (when I moved to Simple bank), my finances tanked.