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What is the 50/30/20 budgeting rule?

The 50/30/20 rule is a budgeting method that can help guide your monthly saving and spending. To follow the 50/30/20 budgeting rule, put your after-tax income into three categories: 50% for needs, 30% for wants and 20% for savings or debt repayment. Needs: 50%

What is the 50/30/20 rule?

The rule is a template that is intended to help individuals manage their money, to balance paying for necessities with saving for emergencies and retirement. People who follow the 50/30/20 rule can simplify it by setting up automatic deposits, using automatic payments, and tracking changes in income.

Should you stick to the 50/30/20 rule?

Sticking to the 50/30/20 rule can give you peace of mind about your money – if it’s the right fit. “Budgeting is very personal, so finding a saving and spending balance that you’re comfortable with is a matter of trial to see what fits,” Mary Hines Droesch, head of consumer and small business products at Bank of America, wrote in an email.

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