 TITLE: 7 Budgeting Tips to Try After a Pay Cut CONTENT: 1\\. Create a Budget\n-------------------\nHaving a financial roadmap can help reduce stress during periods of fluctuating income. In fact, a 2019 survey Certified Financial Planner Board of Standards found that 62% of consumers who follow a budget feel more in control. There's more than one way to budget, so we unpacked a few strategies you can explore to blend your personality and spending style.\n*   **Zero-based budget**: This type of budget has you list out and align all your expenses with your expected income over a certain period of time—the calendar month or your pay cycle, for instance. Your goal is to account for every dollar and avoid overspending by assigning dollar amounts to each financial goal and spending category (such as your retirement fund or entertainment expenses) until there's nothing left to account for.\n*   **50\/30\/20 budget**: Maintaining a 50\/30\/20 budget allows you to have more balance and control in your monthly spending. It divides your expenses into three categories and provides a framework for how much of your income each category should consume: 50% for necessities, up to 30% for discretionary spending, and at least 20% for financial goals like saving and debt repayment. If your numbers skew too high in one category, that's OK. Consider trimming your discretionary spending or any fixed monthly bills to even things out.\n*   **Cash-only budget**: Research suggests that consumers typically spend less when using cash versus a credit card. To put this budgeting style to work for you, it may be easiest to set your recurring monthly bills to autopay with you card—but when it comes to things like entertainment, groceries and fun money, put a set amount of cash in corresponding envelopes until your next payday. When each one runs out, that money is gone, which makes it hard to overspend.\n*   **Dual-account budget**: With this method, you dedicate one bank account for fixed expenses and another for discretionary spending. Start by tallying up your monthly bills, then dividing that number by however many times you get paid in a month. If your bills add up to $2,400 per month and you receive two monthly paychecks, you'll deposit $1,200 from each check into the account that's earmarked for bills. The rest can go right into your spending account. Track the balance as you go to make it last until your next paycheck. END