This Business News Story Was Uncovered By Us From: http://www.youngadultmoney.com/2018/12/03/50-30-20-budget/
This selected industry connected news Piece, was chosen specifically by Marcus lee, who is one of our undercover online business News flash reporters – will provide you added insight in how these points of views could be translated into your own business projects.
Looking for a new way to budget? You may want to consider trying the 50-30-20 Budget.
What is the 50-30-20 Budget? It’s a budget popularized by Senator Elizabeth Warren, who wrote about it in her book All Your Worth – the Ultimate Lifetime Money Plan.
The basics of the 50-30-20 Budget breaks down your take-home pay into three main buckets:
50% Needs
30% Wants
20% Savings / Investing / Debt Repayment
Your take-home pay is the amount of income you bring home after taxes. Many people have money taken out of their paycheck for health insurance premiums, retirement account contributions, and other adjustments prior to the actual “paycheck amount’ that hits your checking account. When working through the 50-30-20 budget, add back in anything that is taken out after taxes, but prior to the actual amount hitting your checking account. That’s your true “take-home pay” that will be divided among the 50-30-20 buckets.
50% Needs
50% of your income should be spent on needs, which are areas of spending you actually need in order to survive. This includes necessary spending each month, for things like housing, food, healthcare, utilities, minimum debt payments, and more.
30% Wants
On the 50-30-20 budget, you should aim to spend just 30% of your income on things you want. This includes entertainment expenses, eating out, shopping, vacations, and more.
Many people struggle to determine the true difference betwee… Read More
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