Feb 6 • General discussion
50/30/20 "Rule"
Working on first budget with spouse, and keep fighting?
While I hate rules of thumb...they can be great STARTING points.
50% of paycheck goes to NEEDS (rent, groceries, etc).
30% goes to FUN (carnival, vacation, being the creepy 36yo who still goes to skate parks).
20% goes to savings/debt payoff/investing
Let's say your bi-weekly paycheck is $5K after taxes come out.
$10K/mo should be split between your mortgage, food, utilities and transportation.
$3K/mo should be spent on fun stuff...date nights, vacations (maybe you need to save a few months worth of this line item to pay for a bigger vacation), kid's sporting events, etc.
$2K/mo goes to paying down student loans, investing, etc.
---
There is NOT a perfect formula...just a perfect formula for YOU.
My suggestion is to automate the savings/debt payoff, spend on whatever else is leftover. It's called Reverse Budgeting is WAY less of a nightmare than traditional line by line budgeting.
Again though...do what works for YOU!
1
2 comments
50/30/20 "Rule"
powered by
skool.com/challenge-everything-money-8784
Join this group if you want to level up your money game.
🔥Weekly hacks on how to build wealth...🔥
Suggested communities
Powered by