One good way to budget

Everywhere you look there’s advice on how to budget. It can be overwhelming.

The truth is, there’s no one-size-fits-all approach. The key is finding a system that works for you.

If you’re new to budgeting or looking for a fresh start, consider the 50/30/20 method. Here’s the breakdown:

50% Needs: These are essential expenses you can’t avoid, like rent, utilities, and groceries.

30% Wants: This is your “fun money” for things you enjoy but could cut back on if needed, like dining out or entertainment

20% Savings/Debt Repayment: This chunk goes towards building your savings, paying down debt, or both! Think retirement contributions or paying down credit card debt.

Intrigued? We’ve got more details in this short article with step-by-step instructions on building your own 50/30/20 budget. Plus, we’ve created this handy template you can download to get started easily!