The 50 30 20 rule is a conventional budgeting method that can help you to manage your budget effectively and wisely.
As per the rule divide your monthly expenses post tax deduction into 3 categories – 50% for needs, 30% for wants and 20% on savings or paying off debt.
By having the balanced approach and regularly keeping track of your spending and expenses, you can effectively manage your budget. With only 3 major categories to keep a track, one can save time and can be free from stress of tracking details of each transaction. This makes life easier to achieve your financial goals.
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