The biggest pain point with managing finances for most people tends to be sticking to your budget. You may notice that some months you have no clue where your money went. In other cases, you constantly have more month than money. A huge part of the problem is the lack of control that you have over your money. In these cases your money is running you, not the other way around. Budgeting doesn’t have to be difficult and if it is for you, then the 50-20-30 rule to budgeting is for you. It requires three steps.
- 50% for fixed expenses.
- 20% for financial goals.
- 30% for flexible spending.
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