Break down your income: 50% on basic needs, 30% on your wants, and 20% on savings.
ANKUR WARIKOO
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Make Epic Money by Ankur Warikoo offers practical financial advice, debunks myths, and addresses biases. It provides actionable strategies and tools tailored to the Indian context for building wealth.
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Personal Finance: Wealth Creation
Savings = Income - Expenditure, i.e. increase your income & decrease your expenditure to increase savings.
Follow budgeting principle:
- Needs: 50% of Total Income,
- Wants: 30% of Total Income,
- Savings: 20% of Total Income.
Smart ways to save more:
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.
Learn to Budget
Create a plan for your money so you know where it's going every month.
A popular and effective way to budget is with the 50/30/20 rule, where 50% of your income goes towards necessities (bills, food, housing, etc.), 20% of your income goes towards savings a...
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