The 50/30/20 rule

How to budget check with the 50/30/20 rule? This can be totally customizable to your financial situation. For example if you’re 17 like me you may not pay bills. But think about what you feel like is a need, even if it’s not necessarily considered a need. (things you can’t live with out) Everyone has wants I’m sure so that’s covered. If you don’t have debt focus on the savings.

Further explanation of the rule:

50% of your paycheck/money goes to your needs. Such as rent, car note, groceries, etc.

30% goes to wants. Such as eating out, traveling, dates, shopping, entertainment, etc.

20% goes to savings & debt repayment. Such as savings account, emergency fund, 401(k), retirement fund, credit card debt, student loans, etc.

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