Here, you can understand how much money you will need monthly to live. If that’s more than 50%, remove the budget from the other two categories. If it’s less, you can increase the other two.
However, keep a 5-10% margin on your needs. Otherwise, you will take money from your Wants budget every month.
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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 3 — Sum up your needs.
Budgeting your money is the cornerstone of a sound financial plan, and seeing all the numbers in black and white can offer valuable perspective on where your mone...
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