![]() The 50 30 20 rule wasn’t invented to make people feel bad, so if you have to reduce your savings for a while, that’s okay. The 50-30-20 budget (or rule as its sometimes referred) is a percentage-based budget concept that emerged in the late 90s. If so, you’ll find it easiest to reduce your savings – after all, your needs come first, and you still want to be able to enjoy life with wants. Reduce your savings – in lean times like a cost of living crisis, it may become harder to stick to 50 30 20. The 50/30/20 rule allows you to set aside a portion of your income for flexible spending while still meeting your financial goals.Make a record – take note of your savings and how much your debt repayments cost.Be prepared – keep an eye out for any news reports on upcoming bill increases.Be fair on yourself – sometimes it might not be possible to stick to the 50 30 20 rule, especially in the run-up to Christmas, or if something unexpected comes up like you need to repair your car.Top budgeting tips – sound financial advice to help you stay on top of your payments and spending.Spending Insights – the Lloyds Bank Mobile Banking app can help you gain a clear picture of your finances.Here are some tips to help you stick to the 50 30 20 rule. ![]() ![]() But you still need to keep track of your finances to stick to it. The 50/30/20 rule says to spend 30 of your take-home pay on the stuff that improves your standard of living. This is a popular budgeting style due to its simplicity, flexibility and how it can apply to different stages of life. The 50 30 20 rule can make budgeting a little easier. The 50-30-20 budget (or rule as it’s sometimes referred) is a percentage-based budget concept that emerged in the late 90s.
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