Have you considered following a carefully constructed budget? Maybe it’s been on your to-do list for a while, but you can’t find the time to go over your finances — or maybe you think that complex tools are needed to make this happen. There are several kinds of budgets, ranging from financial to static and master budgets. Yes, some of these are likely inappropriate for your unique needs and some do require tools that you may not have access to. Don’t be discouraged; there’s one form of budgeting that requires nothing more than a pen and paper.

The financial solution you’re looking for might be zero-sum budgeting. This is a popular option because it gives you control over every corner of your budget, revealing how much you’re spending on small things such as ATM fees and parking meters and how much you need to set aside for major debts and recurring transactions. Start by using real numbers: Refer to last month’s net income to forecast the expenses you’ll need to cover each month. This will let you know how much flexibility you have to spend on nonessential items, and it can help ensure that you never overspend.

Zero-sum budgeting is the perfect way to establish realistic savings targets and escape the pressure of living paycheck to paycheck. This is a great way to get started with taking control of your finances, and by the time you’re finished, every aspect of your income and expenses will be analyzed and prioritized. Take this Health IQ budgeting quiz to see how much you know about zero-sum budgeting and to learn a bit more about why this technique is so popular.  And let Health IQ and their team know what you think of the quiz in the comments below, or try one of their related quizzes on State Laws and Life Insurance , Life Insurance Basics 101, or Tips on Reducing Your Life Insurance Costs.

About Health IQ

HealthIQ’s mission is to improve the health of the world. In pursuit of this mission, they’ve created over 2,000 Health IQ quizzes and worked with innovative insurance companies to create financial rewards for health conscious people. To date, Health IQ has helped thousand triathletes, vegans, runners, and other health conscious people secure billions in life insurance coverage, and they hope to expand to other financial rewards in the near future. To learn more about Health IQ’s life insurance financial reward for health-minded people, speak to an Health IQ agent today.