The Most Common and Effective Budgeting Plans

The Most Common and Effective Budgeting Plans

One of the main ways you can avoid bankruptcy is by creating a budgeting plan that works for you. Not every budgeting plan works for everyone, which is why finding the one that best fits your financial situation is so important. A budgeting plan can do wonders for saving, investing, and accomplishing your financial goals. All you have to do is choose the budget plan that feels most feasible for you. However, if you are already dealing with threats of bankruptcy, be sure to contact a Tennessee Bankruptcy Lawyer for help.


While budgeting plans have common goals across the board, to save money to accomplish your financial goals later, they vary in approach. Some of the main types of budgeting plans include traditional paper plans, online budgeting plans, and computer software-based plans.

Two of these are almost always free to everyone if you have the basic essentials. The traditional paper budgeting plan only requires a piece of paper, a writing utensil, and a calculator if you want to make this process less stressful for those who do not like math. Write down your monthly expenses like bills and add them all up to find your monthly expenses total. Then subtract your monthly expenses total from your monthly income to see what money you have left.

The second free method involves using computer software like Microsoft Excel or Numbers on Apple computers to go through the same process. This can be easier when you are tech-savvy because these programs can add up the numbers for you and will update when you add expenses to the list.

Online budgeting programs range from free to paid subscriptions. Quicken is one of the most popular online budgeting programs. However, some of the most used free programs include and Manilla.


When you hear the name Dave Ramsey, you know you are in store for something challenging, yet potentially beneficial. The Dave Ramsey budget, or zero-based budget, is something that can help you save money fast, but with a cost. Applying a  zero-based budget means you want your monthly expenses subtracted from your monthly income to equal zero.

This sounds easy but can be challenging when put into practice. What this budget recommends is going back to subtract each monthly expense again from your income and other financial assets until you reach zero as your total. The goal is to reach a budget that accounts for every dollar. Unlike other budgets, this plan also involves including every financial resource you have, including income from your spouse or anyone who lives with you, and contributes to monthly expenses.


To bring your finances under control again, consider asking our legal team with offices throughout Tennessee, and North Georgia if you are stuck in bankruptcy and need help. Call Tom Bible Law today at (423) 690-7712 to speak with a Chattanooga Bankruptcy Attorney for a free consultation about your situation. Our dedicated Tennessee bankruptcy lawyers have served clients throughout Tennessee cities like Chattanooga and Tullahoma for years.