We understand that sometimes, even though we know what our fixed monthly payments are, we can lose control of our expenses and not know where our money is going. That’s why, as a financial advisor specializing in personal finance, I propose three budget management methods that could help you regain control of your finances:

1. The 50/30/20 Desire Management Technique: This technique involves dividing your income into three categories: 50% to manage needs or fixed expenses, 30% to manage variable expenses, and 20% to save or pay off debt. If you find it challenging to avoid certain expenses, we suggest opening two bank accounts: one for fixed expenses and another for savings. This way, you can separate your resources and have better control over them. Make sure to set up automatic transfers to these accounts based on the established percentages.

2. The Expense-Based Budget: This reverse method involves first determining the expenses and then establishing the necessary income to cover them. It is especially useful for those with variable incomes, such as commission payments. Take advantage of times of higher income to save and thus compensate during periods of lower cash flow. To apply this method, start by analyzing your monthly expenses in detail, and then determine how much you need to earn to cover them. Make sure to account for your fixed and variable expenses and adjust your income according to your needs.

3. The Expert Diagnosis: If you find managing your finances complex, seek a “financial doctor” who will diagnose and assist you with a plan based on your needs. A financial advisor can assess your situation, identify problematic areas, and offer personalized solutions. Working with an expert, you can also learn strategies to manage your money more effectively and achieve your short, medium, and long-term goals.

Whichever method you choose, the essential thing is that it enables you to reach your financial goals and maintain proper control of your expenses and income. Remember, whichever method you implement, it will be crucial to achieve your short, medium, and long-term objectives.