Budgeting
You have $100. What could you do with it?
Creating a livable budget can seem overwhelming but when you break it down into smaller portions it can become more manageable. A good rule of thumb is the 50/30/20 method which helps to define how your overall budget should be apportioned: 50% needs - 30% wants - 20% savings.
Needs
50% of the $100 goes towards your bills such as:
Groceries
Utilities
Rent
Wants
30% of the $100 can be used for things you want:
Hobbies
Vacation
Shopping
Savings
20% of the $100 goes toward savings:
Emergency Fund
Retirement
Extra Debt Repayment
Where should your savings go?
You should delegate 20% of the $100 to savings but it can be difficult to decide how much goes into each savings category. So how should you manage this amount?
5%
Emergency Fund
10%
Retirement
5%
Extra Debt Repayment
2023 Checklist To Achieve Your Financial Goals
A financial checklist can help you stay on track and on budget. Get started today!
