When people think about the 50/30/20 Rule, they assume they must multiply their income by 0.5, 0.3, and 0.2. But that’s only the core concept. Let’s make it more resistant.
This approach doesn’t consider people who need more than 50% of their salaries to live. How could they follow this rule?
I want to suggest another approach. Let’s call it the “Reality Check 50/30/20 Rule” (or RC 50/30/20 Rule).
Follow these steps to build an RC50/30/20 Budget.
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Stop Wasting Money! Start Budgeting with the 50/30/20 Rule
cosmopolitanmindset.substack.com
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Passionate about self-improvement, personal growth, finance, and creativity. I love to inspire people to become the better version of themselves. Author @ www.cosmopolitanmindset.com
Stop Wasting Money: Master the 50/30/20 Budget Rule for Financial Freedom – Simple Steps to Take Control of Your Finances, Save More, and Achieve Your Long-Term Goals
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Similar ideas to How To Apply The 50/30/20 Rule
It is a budget rule to help people reach their financial goals. It states that:
It breaks down your budget categories into three broad segments:
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.
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