Assistant Director of Financial Aid for University Engagement and Partnerships Kimberly Stapleton spoke with WalletHub about zero based budgeting.
Kimblerly Stapleton, assistant director of financial aid for university engagement and partnerships, was recently interviewed by WalletHub about zero-based budgeting (ZBB), a budgeting strategy that involves assigning each dollar of your income to a specific monthly expense so you income minus expenses equals zero.
Stapleton says the strategy can be great for people who “want control over every dollar,” but it can be difficult for others.
“ZBB can be tough for people with irregular or unpredictable expenses,” said Stapleton. “If your costs swing wildly each month (due to caregiving, medical issues, etc.), ZBB may feel rigid unless adjusted frequently. For those who dislike tracking spending. ZBB requires frequent check-ins and adjustments. If that feels tedious, it can be hard to maintain. Lastly, perfectionists. Ironically, ZBB can frustrate people who expect to “get it right” every month. It is a learning process, not a flawless system.”
Read her advice on WalletHub.