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The 50/30/20 rule is a budgeting strategy that allocates 50 percent of your income to must-haves, 30 percent to wants and 20 percent to savings. It is a simple plan that works well for those who wish to place each of their expenses into one of just three categories — and make changes to their spending and saving habits, as needed.🥰
1. 50% for needs🏡🚙
-Needs are things you can’t live without. The 50 rule budgets about half of your take-home pay toward these essentials.
✅These essentials may include:
Housing
Groceries
Utilities
Health insurance
Transportation
Loan minimum payments
2. 30% for wants🛍️💸
-Wants include nonessential spending — or discretionary spending — on things like gym memberships, trips to the movies, vacations, dining out and streaming-service subscriptions.💯
Everyone needs some fun in their lives, so it’s important to devote some of your money to things you enjoy🫶🏻💖
✅These expenses may include:
Hobbies
Dining out
Vacations
Gym memberships
Movie tickets
Concerts
Subscriptions
Nonessential clothing
3. 20% for savings🏦💸
-One-fifth of your income should go to savings and investments. Experts recommend having an emergency fund that can cover three to six months’ expenses.
An emergency fund comes in handy when you encounter an unexpected expense, such as a car repair or doctor’s bill🏥
That's it loves! Make sure to always spend your money wisely😉