The Best Way to budget expenses
Hey there! Let's make budgeting super simple with the 50/30/20 rule. Here's how it works:
The 50/30/20 Rule:
- 50% for needs (food, basic clothes, phone bill)
- 30% for wants (movies, video games, trendy clothes)
- 20% for savings (future goals, emergency fund)
Quick Steps to Start:
- Write down how much money you get (allowance, part-time job)
- Track everything you spend in a notes app or budget app
- Put savings away FIRST (before spending)
- Use cash for spending money - when it's gone, it's gone!
Helpful Apps:
- Mint (free budgeting app)
- EveryDollar (great for beginners)
- PocketGuard (helps prevent overspending)
Sources:
NerdWallet - How to Budget
Consumer Financial Protection Bureau - Money as You Grow