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50/30/20

The 50/30/20 rule is a simple way to allocate your money and use it wisely. Following this rule can be helpful for someone who is just starting to learn how to manage their money. 

  • Research shows that 66% of Americans do not set a budget for themselves, but setting a budget is important for long-term financial health
  • According to the 50/30/20 rule, you should divide your money into three categories upon receiving a paycheck: Your essential NEEDS, WANTS and SAVINGS & INVESTMENTS.

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WANTS 30%

  • Restaurants 
  • Entertainment 
  • Vacations 
  • Luxury Items
  • Electronics 
  • Concerts

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NEEDS 50%

  • Housing 
  • Food 
  • Transportation 
  • Medical 
  • Expenses 
  • Essential Debt

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SAVINGS & INVESTMENTS 20%

  • Emergency Fund 
  • RRSPs / 401K
  • Stocks/ETF 
  • Rental Property 
  • Bonds/Mutual 
  • FUNDS

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The 50/30/20 Rule

The 50/30/20 Rule

It breaks down your budget categories into three broad segments:

  • 50%: Essential Expenses like housing, automobile expenses, groceries, insurance, utilities, etc.
  • 30%: Discretionary Expenses (Non-essential) like Dining out, entertainment, drinks, etc.

The 50:30:20 budgeting method

The 50:30:20 budgeting method

Under this method, 50 percent goes to expenses, 30 percent goes to wants, and 20 percent goes to a combination of debt and savings.

A person with a healthy amount of disposable income but loads of debt could probably benefit more from the 50:30:20 method.

The 50-20-30 rule

The 50-20-30 rule

It is a budget rule to help people reach their financial goals. It states that:

  • You should spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do.
  • The remaining half should be split up between 20% savings and debt repayment and 30% to ev...

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