Not sure if the 50/30/20 method is right for you? Here are four different budget methods that are equally as successful.

2. They're pros at cutting costs and finding the best deals

Plenty of people might be shocked at how much they’re overpaying for monthly services they barely use. Don’t let this happen to you. By regularly examining your bank and credit card statements with a fine-tooth comb, you’ll be able to see if you’re paying for something that isn’t necessary. That could be a magazine subscription, streaming service or high-speed internet that you don’t actually need.

Sound too time-consuming? A quick browse through your App Store will reveal an array of tools that can do a lot of the heavy lifting in cutting back on your subscriptions.

Beyond eliminating bills altogether, carve out time to call your phone and internet providers a couple of times each year to see if there are any new promotions that can save you extra cash. Or if your contract is coming up, shop around to see if there are better rates elsewhere.

There are scores of other clever ways to stretch your hard-earned money further. You may consider getting into the habit of making coffee at home, carpooling with a colleague, buying gas on the days it’s cheaper, or stocking up on products when they’re on sale. As you start brainstorming, you’ll quickly discover that the possibilities are endless.

3. They add to cart — and then step away

Let’s say you’re dreaming of having that designer purse or pair of running shoes that keep showing up everywhere—and you’ve added it to your shopping cart. Before you hit the check-out button, step back and spend some time reflecting on whether it will add value to your life.

A good rule of thumb is to wait a few hours if the item is less than $100, a few days if it’s more than $100, and a week if it’s a big-ticket purchase that’s over $1,000. If you’ve forgotten about it during that time, you probably didn’t need it to begin with. By taking a more mindful approach to your purchases, you’re more likely to curb impulse buys and spend on the things that bring you joy.

It’s also important to avoid relying on your credit card to cover purchases that fall outside your budget. If something isn’t within your means, try to hold off and save until you can afford it. Because saving gets a whole lot harder when you’re saddled with high-interest debt.

4. They know when to say no

Sure, dining out is fun—but it can really add up. You don’t have to miss out on all the fun, though. Build occasional eating out into your budget but avoid an overly lavish lifestyle that’s filled with fancy restaurants. Instead, set aside time to create a healthy meal plan and a grocery list that you stick to (and that falls within your budget).

This helps prevent impulse decisions at the store and overspending on groceries that end up getting tossed. Other tactics to slim down your food costs are to buy bulk, use sales flyers, purchase generic products over brand names and research budget-friendly recipes.

5. They pay themselves first

Another solid financial habit is to transfer money from your chequing account to your savings account right on payday. Whether it’s $20 or $200, small acts like these can make a massive difference when it comes to your financial future.

You could even set up automatic deposits through your financial institution. By doing so, you’ll save a portion of your hard-earned cash, without even having to think about it. You’ll also be less tempted to spend by doing so—since it’s hard to miss something that isn’t there to begin with.

Pro tip: Use online banking to set up automatic deposits into your savings. A good rule of thumb is to allocate 20% of your income to savings.