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Whats good guys. Today we are going to be looking at one of the simplest but effective ways in which you can budget your money. Its perfect if you are new to managing your finances and is really easy to implement. The strategy is called the 50/30/20 rule. And it doesn’t require any long winded expenses tracking.
The idea is that as soon as you get paid/receive any income you split it up into 3 categories by a specific percentage.
– First we have Needs, which will be 50%, and this money will be used for all your essential expenses like: rent, food, bills, clothes, travel expenses, etc.
– Next we have Wants, utilising 30%, which will be all those things you spend money on that are not essential but are there to help make our lives more enjoyable and fulfilling. This could be: eating out, holidays, designer clothes, hobbies, activities, neflix, etc.
– Finally we have Financial Goals / Savings which will be made up of the remaining 20%. This will be any financially driven things in your life, so it could be everyday savings, saving for investments, retirement fund, saving for children, saving for a house deposit etc.
In the video I will be going through exactly how I think is the best way in practice to start implementing this strategy utilising mobile banking app features, and also how i use the idea as a foundation for my own budget.
I hope you enjoy the video and make sure to like and subscribe for more.
And as always do let me know your thoughts down in the comments.
► Music Credit
Joakim Karud Track Name: “Vacation” Music By: Joakim Karud @ http://youtube.com/joakimkarud Official Joakim Karud SoundCloud Page HERE – https://soundcloud.com/joakimkarud Official “Joakim Karud” YouTube Channel HERE – https://www.youtube.com/user/JoakimKarud License for commercial use: Creative Commons Attribution 3.0 Unported “Share Alike” (CC BY-SA 3.0) License. Full License HERE – https://creativecommons.org/licenses/… Music promoted by NCM https://goo.gl/fh3rEJ
00:00 – Intro
01:43 – What is The 50/30/20 Rule?
04:00 – How to Implement It?
05:09 – 50/30/20 Limitations
07:39 – How I Use The Rule?
09:32 – Outro
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