Budgeting strategies are methods used to manage finances effectively. One common approach is the 50/30/20 rule, which suggests allocating 50% of income to needs, 30% to wants, and 20% to savings or debt repayment. This helps individuals prioritize their spending and ensure they are saving for the future. Another effective strategy is the envelope system, where cash is divided into envelopes for different spending categories, such as groceries or entertainment. This visual method encourages mindful spending and helps prevent overspending in any category, making it easier to stick to a budget.