The Lazy Person's Guide to Effective Budgeting

Let’s be honest: budgeting isn’t fun for most people. But if you think managing money means hours of number-crunching and spreadsheets, think again. There are ways to budget that even the laziest among us can handle—and yes, it can be effective.

This guide is all about making budgeting as simple as possible so you can stay on top of your finances without putting in too much effort. So, if you’ve ever thought, “I’ll start budgeting tomorrow,” today’s the day to kick back and get started—with minimal effort, of course.

Simplify Your Expense Tracking

The first thing most people dread about budgeting is tracking every single purchase. Fortunately, you don’t have to do that anymore. You can simplify your expense tracking by letting technology handle the heavy lifting.

Most banks these days offer automatic expense categorization, meaning they track and categorize your spending for you. You just need to log in and check out the pretty pie charts. Apps like Mint or PocketGuard also connect directly to your bank accounts and organize your spending into categories.

The best part? You don’t have to do any of this manually. Just set it up once, and your expenses will be tracked without you lifting a finger.

Frugal Hack: Use a Rewards Credit Card Wisely

If you’re going to spend money anyway, why not get something back? A rewards credit card that offers cashback or points on everyday purchases is a lazy way to save. Just be sure to pay it off in full each month to avoid interest charges.

The 50/30/20 Rule

If you’re not into strict budgets, the 50/30/20 rule is your best friend. It’s as straightforward as it sounds: allocate 50% of your income to needs (like rent and groceries), 30% to wants (think entertainment or dining out), and 20% to savings or paying off debt.

This budgeting method works because it’s flexible yet structured. You don’t need to micromanage every little expense—you just have to make sure that overall, your spending fits into these three broad categories.

Here’s the kicker: most budgeting apps let you set these percentages automatically. So, if you see that your “wants” category is creeping up past 30%, it’s a subtle nudge to reel things in. No need for hard calculations. It’s lazy-friendly and highly effective.

Frugal Hack: Cut the "Wants" Temporarily

Do you have a big purchase coming up, or are you trying to boost your savings? Try cutting out some “wants” for a month—like skipping that streaming service or ordering takeout less often. It’s a temporary fix that can save you a surprising amount.

Automate Your Savings

Savings is something everyone knows they should be doing but often forgets. What is the easiest way to ensure you save consistently without even thinking about it? Automate it. According to Chambers Bank, the personal savings rate in the U.S. was 4.6% in early 2023, a significant drop from the average of 8.9% over the last decade. This highlights the need for more disciplined saving habits, which automation can easily facilitate by making consistent contributions to your savings without relying on manual effort.

Set up an automatic transfer from your checking to your savings account every month, ideally on payday. This way, the money is out of sight and out of mind before you even have the chance to spend it.

Many people swear by the “pay yourself first” method, which we’ll dive into later, but the key here is to save something that happens in the background. Whether it’s $20 or $200, the point is that you’re saving consistently without lifting a finger.

Frugal Hack: Use Round-Up Savings Apps

Apps like Acorns or Qapital take your purchases and round them up to the nearest dollar, putting that spare change into a savings or investment account. It’s a lazy way to build up savings without even noticing it.

Leverage Technology

Budgeting apps are great, but why stop there? There’s a ton of financial tech that can make managing money easier than ever. For instance, apps like Truebill or Trim can automatically negotiate bills on your behalf or cancel unused subscriptions. You set them up once, and they’ll quietly save you money behind the scenes.

Need to split a bill with friends? Venmo and PayPal make that easy. Want to set up recurring bill payments so you never miss one? That’s another five minutes saved each month. If you’re lazy and tech-savvy, let automation and apps do all the budgeting for you.

"Fintech tools empower consumers with powerful tools to manage their finances more efficiently, from budgeting apps that track expenses to robo-advisors that automate investment strategies."

The "Pay Yourself First" Method

This method flips traditional budgeting on its head. Instead of spending money first and saving whatever’s left, “pay yourself first” means prioritizing savings above all else.

How does this work in practice? Simple: decide how much you want to save every month (say, 10-20% of your income), and then automate that amount into savings as soon as you get paid. The rest of your income is yours to spend guilt-free.

This method is particularly great for lazy budgeters because once you’ve automated your savings, you don’t have to think about it anymore. You’ve already handled the most important part of your budget—your future.

Periodic Financial Check-ins

Okay, so even the laziest person needs to check in on their finances once in a while. But here’s the good news: you only have to do it periodically. Think of it like a quick financial check-up, just like you’d check your car’s oil or your phone’s battery.

Every month or so, take 10-15 minutes to review your spending, savings, and goals. Most apps make this super easy with charts and reports that give you a bird’s eye view of where your money is going. If something looks off, like you’re spending too much on takeout or subscriptions, make a small adjustment. There is no need to overhaul your entire budget—just tweak it as needed.

Mindful Spending Without Strict Limits

A lot of people avoid budgeting because it feels like being on a strict diet—no fun, no freedom. But the truth is, you can budget effectively without putting harsh limits on your spending. It’s all about mindful spending.

Instead of forbidding yourself from ever enjoying a treat or going out, just be aware of where your money is going. If you want to spend on something, great—just make sure it fits within your plan. This is where the 50/30/20 rule comes in handy. As long as your overall budget stays balanced, there’s no reason to deprive yourself of the things you love.

By being mindful of your spending, you avoid impulse purchases that can derail your budget. Plus, you’ll appreciate the things you do buy even more because they’re intentional, not spur-of-the-moment splurges.

Create a "No-Spend Challenge

A great way to give your budget a little boost without overhauling everything is to try a no-spend challenge. This can be as short as a weekend or as long as a month—whatever fits your lifestyle. The idea is simple: for the length of the challenge, avoid spending money on anything that isn’t essential.

This means sticking to the basics like groceries, rent, and utilities but cutting out non-essentials like dining out, entertainment, or shopping for things you don’t really need. A no-spend challenge is perfect for lazy budgeters because it’s a quick way to save money without having to track every dollar or create a complicated plan.

Not only does this challenge give your savings a quick boost, but it also helps you identify any unnecessary spending habits that you can cut down on long-term. It’s like hitting the reset button on your finances without too much effort.

Frugal Hack: Try a Mini No-Spend Weekend

Start with a simple weekend challenge. Plan free activities, cook meals at home, and avoid online shopping. You’ll be amazed at how much you save in just a few days!

Embrace the Art of "Zero-Based Budgeting"

Here's a budgeting tactic that's perfect for those who love to keep things tidy and straightforward—zero-based budgeting. Now, don't let the name intimidate you; it's simpler than it sounds. The idea here is to give every dollar a job, so by the end of the month, your income minus your expenses equals zero. This doesn't mean you’re spending all your money; it means you're allocating every cent, even the ones you save.

Start by listing your monthly income, then jot down all your expenses, including savings, bills, groceries, and, yes, your fun money, too. The beauty of this method is that it forces you to be intentional with your spending without any complicated calculations. You’re essentially telling your money where to go ahead of time.

Effortlessly Afloat

Budgeting doesn’t have to be a chore. In fact, for the lazy among us, it can be one of the easiest ways to stay on top of your finances. By automating your savings, using the 50/30/20 rule, and leveraging tech, you can manage your money without the headaches of traditional budgeting.

So, if you’ve been avoiding setting up a budget because it sounds like too much work, give these simple, lazy-friendly tips a try. You might be surprised at how easy it is to keep your finances in check without ever feeling like you’re working at it.