Financial Wellness Network Money Matters: 50-30-20

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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, ...

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