WHAT is the 50/30/20 Budget?
A simple way to manage your money by splitting your income into three categories:
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50% Needs (Rent, food, bills)
๐ก 30% Wants (Fun, shopping, entertainment)
๐ฐ 20% Savings & Debt (Emergency fund, investments, paying off debt)
WHY Use the 50/30/20 Budget?
โจ Simple โ Easy to understand & remember ๐
๐ Flexible โ Allocate freely within Needs, Wants, & Savings ๐ฐ
๐ Wealth Creation โ Reduces debt & boosts investments ๐
HOW does it work?
1๏ธโฃ Figure out your after-tax income (your paycheck after deductions).
2๏ธโฃ Break it down: Allocate 50% to needs, 30% to wants, 20% to savings/invest.
3๏ธโฃ Track & Adjust: Use a budgeting app or notebook to stay on track.
WHEN should you use this method?
๐
When you get your first job
๐
When you move out on your own
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Monthly (or weekly or quarterly)
๐
Whenever you want to take control of your finances!
WHERE can you apply this budget?
๐ At home โ Planning bills & spending
๐
Monthly โ Review and adjust your budget
๐ฑ With an app โ Use tools like Mint, YNAB, or even a simple spreadsheet
Call-to-Action:
Try the 50/30/20 budget this month and see how much smarter you feel about your money! ๐๐ต
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Contributions:
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