Hey Bosses! Today I’m giving you guys a financial tip that I use to manage my money. Once you start, it becomes a habit and gives you an idea of how much you should spend or use for things you need. Here it is:
50/30/20 Rule:
- 50% of your money/budget goes to your NECESSITIES. (Ex. groceries, hygiene products, bills, gas, etc.)
- 30% Goes to your WANTS: (Ex. Shopping, hobbies, etc.)
- 20% goes to SAVINGS:
Of course, you can make personal changes to these rules. For example, when I get older, I plan on using my 20% for savings and future investments. Or, if you want to focus more on saving, make 30% your savings and 20% your spending money. It’s all up to you.
Thats Money Tip #1 for all you boss babes! There will be plenty more to come!
This is super helpful!