Personal Finance
Better Finances for a Better You
Topic: "50/30/20 Budget"
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Budgeting
With higher housing, transportation costs and food prices, many Canadians feel the effects of inflation each time they open their wallets.
Budget Busters — The Impact of Inflation on Everyday Life By Amanda Reaume →Serious Stuff
What is the 60/30/10 budgeting rule?
- 60% for essential expenses or needs
- 30% for discretionary spending or wants
- 10% for goals like paying off debts, saving or investing
It's trending as an alternative to the longer-standing 50/30/20 method
Budgeting
How to succeed at budgeting - A guide to 4 budget planning methods:
- 60% solution – keep essential expenses around 60 per cent to avoid overspending.
- Zero-sum budgeting – subtract expenses from your pay, and you should end up with zero.
- Reverse budgeting – put the focus on savings (you pay yourself first).
- The 50/30/20 rule – probably one of the most popular budget methods.
Budgeting
10 Budgeting Tips to Increase Your Money Management Skills, from Rachel Dalrymple
- Identify Your Purpose
- Write Down Income and Expenses
- Follow the 50/30/20 Rule
- Practice Zero-Based Budgeting
- Plan for the Unexpected
- Develop Habits That Support Your Budget
- Utilize Budgeting Tools
- Evaluate and Adjust Regularly
- Keep It Attainable
- Run Your Household Like a Business
Serious Stuff
50/30/20
The 50/30/20 rule is a suggested budgeting guideline that advises allocating:
- 50% of your income to necessities (like rent, groceries, and utilities)
- 30% to discretionary spending (like hobbies, entertainment, and travel)
- 20% to savings
Budgeting
In a 50/30/20 budget you should aim to spend your net income in this way: - 50% on your essential needs - 30% on your non-essential expenses - 20% on savings contributions/debt repayments
Neontra auto-categorizes your expenses so you can quickly see how your 50/30/20 budget is tracking →Saving
See your spending from a different perspective...
Saving starts with spending less on non-essential expenses. Learn how we can help →← Curating the web to find the most interesting and helpful information about your money.