Here are just a few:Īdvantages of the 70 20 10 Rule: This rule puts needs and wants together, which makes it very flexible. Using the 50 30 20 budget template comes with incredible advantages. What are the benefits of a 50 30 20 budget? Make adjustments and tweak until your numbers are right. This is the category you have the most leeway with. Or if you need to pay off debts or cover emergencies first.ĥ. What are the absolutes in your budget? Can you trim them up to make them easier on the budget?Ĥ. Try the budget calculator below to help you. Divide out your monthly number by 50/30/20. Then, divide by 12 to get your monthly average.Ģ. For example, if you get paid every other week, multiply your paycheck by 26 to find your yearly income. If not, add up your paychecks from the last year. If your paycheck lists your yearly rate, divide this number by 12 to determine your monthly amount. Now, here’s a step-by-step guide for building a 50 30 20 budget:ġ. Play with the numbers to see what works for you. You’re splitting this between retirement accounts, your HSA, and college savings for the kids.Īs these examples show, everyone is different! You will have different budget categories, income levels, and percentages. $1500 into things you want like the Disney streaming service, Friday night pizza, kids activities, and family vacations.This pays your mortgage, supports your 2 car mini-van lifestyle, and covers other basic household food, supplies, and medical needs. Your 50 30 20 budget example may look like this: Between you and your spouse, you bring home $5,000, but this money stretches to take care of a family of five. You are married and living in a low-cost of living area.
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