Do you know about the 50-30-20 rule of budgeting?
This rule is an easy way to evaluate how much you should be spending on a monthly basis by recommending that you spend 50% of your income on needs, 30% on wants, and 20% on savings and debts.
For example, let’s say you make $1,000 in a month.
Fifty percent of that is $500, and you’d put it toward something like your rent or mortgage, groceries, and utilities.
Thirty percent would be $300 for wants, ...Continue Reading →