Certified financial planner Filip Telibasa, who owns the firm Benzina Wealth, is an advocate of reverse budgeting.

• What is Reverse Budgeting? Setting aside a specific amount into savings every month or pay period first, then designating the rest of your after-tax income for needs and wants. (Your needs are things like rent, groceries, and gas. Examples of wants include eating out, attending concerts, and other extras you don’t need to get by.)

“By having this in place,” Telibasa says, “you can then easily track a budget via cash balances as those should stay flat over time. If, instead, (your) cash goes up over time, that means you can spend more. If it goes down, then you need to take a closer look and decrease the amount you are saving or spending.”