What you should takeaway from a 50/30/20 budget...
If you’re looking to gain better control and confidence with your finances, the 50/30/20 budget can help set you up for success.
Budgeting doesn’t have to be time consuming or complicated. Using a budget calculator will take the headache away from budget confusion.
With the 50/30/20 budget, your monthly after-tax income is divided up into just three simple financial categories.
If you're just starting out with budgeting, the task of managing your finances might seem daunting.
Not only do you have to wrangle your income and expenses into order, but you also face tough choices about where your money should go.
To simplify things, consider adopting a percentage-based budget system. One popular method is the 50/30/20 rule. Here's how it works: you allocate 50% of your after-tax income to necessities, 30% to discretionary spending, and 20% to savings.
Check back for more tips about the 50/30/20 budget rule to see if it fits your financial goals and lifestyle.
Courtesy of Citizens Bank
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