Ever find yourself torn between wants and needs? Whether you are looking to cut spending to help make ends meet or looking to save for your family's future, getting a handle on your family budget is essential. But to start with, you need to understand what your goals are, so you know what you are working towards. The 50-30-20 budget rule could be the answer for you. Here we explain how it works.
Begin your journey to financial freedom with the 50/30/20 rule:
50% for Essentials
Allocate 50% of your income to cover basics like housing, groceries and bills – everything needed for a stable life.
30% for Indulgence
Reserve 30% for indulgence – your fun money. Spend it on entertainment, leisure and those little extras.
20% for Savings
Put away 20% where you ensure growth and stability for future – into savings and investments.
Embrace your journey to financial freedom
Think of it as a customizable roadmap – you're not bound to follow it to the letter. This tried-and-true method is accessible to everyone, regardless of their financial knowledge. Seize the opportunity to empower your money to work towards securing the financial freedom you aspire to.