Budgeting techniques are methods used to manage finances effectively. One popular technique 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 approach helps individuals prioritize their spending and ensure they are saving for the future. Another common technique is the envelope system, where cash is divided into envelopes for different spending categories, such as groceries or entertainment. This method encourages mindful spending and helps prevent overspending by limiting the amount available for each category.