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50/30/20 Calculator

A budgeting strategy called the 50/30/20 rule is intended to assist you in managing your money. The US senator Elizabeth Warren's daughter, Elizabeth Warren, initially introduced the idea in her book "All Your Worth: The Ultimate Lifetime Money Plan." This personal finance guidance states that you should divide your income evenly between three categories:



50/30/20 Calculator

50/30/20 Calculator



1. Your essentials: You should set aside 50% of your monthly income for these virtually always inevitable expenses. Bills, monthly food, rent or a mortgage, insurance, and transportation are some examples of these costs. 

2. Your wants: You should set aside thirty percent of your income for non-necessary expenses that could improve your quality of life by allowing you to unwind and have fun. These costs include going clothes shopping, renting cable TV, seeing a movie, getting a haircut, scheduling a spa day, and subscribing to streaming music or movies. Keep in mind that some requirements and wants could differ from person to person and frequently be interchangeable. 

3. Your savings: You should allocate 20% of your income to your savings account and, if necessary, to debt repayment.

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