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BuildingA BUDGET
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Getting started with
50/30/20
PHONE
RENT ENTERTAINMENT
INSURANCE
GROC
ERIES
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50/30/20 is a proportional budgeting system, meaning you divide your monthly income into
different categories based on percentage
50% NEEDS30% WANTS
20% SAVINGS
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Calculate your INCOME
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Your monthly net income—that’s your take-home pay after taxes
and payroll deductions—is used to determine your spending limits
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FOR EXAMPLE
$3,000
50%
30%
20%
If your monthly net income is
= $1,500 on Needs
= $900 on Wants
= $600 on Savings
you should be spending
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Define your CATEGORIES
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The 50/30/20 budget divides your monthly spending into three categories:
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Needs are your essential expenses—skipping them would lead to serious consequences like illness, job loss or legal trouble
NEEDS
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Examples include:• Housing/rent• Basic utilities• Food• Clothing
• Health care• Transportation• Taxes• Minimum payments
NEEDS
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Wants account for a lot of your spending—these are all the non-essential products and services you buy
WANTS
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Examples include:• Cable/Internet/
phone• Restaurants/
takeout• Entertainment
• Travel• Fashion• Electronics• Subscription
services
WANTS
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Savings are any expenses related to debt repayment and savings plans
SAVINGS
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Examples include:• Emergency fund
savings• Student loans• Credit card debt
• Retirement savings
• Down payments• Personal
savings goals
SAVINGS
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Track your SPENDING
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Track your spending for at least two months using the method
you’re most comfortable with— spreadsheet, app or online banking
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Then, compare your monthly spending to your 50/30/20 totals
Don’t worry if they don’t match up at first—start shifting your spending habits to better align your totals with the 50/30/20 guidelines
Needs goal: $1,500
My spending:
Wants goal: $900
Savings goal: $600
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Make it WORK
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If your spending isn’t matching up with the 50/30/20 guidelines, you have a few options
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REDUCE YOUR SPENDINGIn order to hit the 50/30/20 guideline, you may need to sacrifice some of your wants or find cheaper alternatives for your regular expenses
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INCREASE YOUR INCOMEIf you’re consistently overspending and unwilling to compromise, the only solution is to make more money—look for side gigs to increase your monthly income
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MODIFY YOUR PERCENTAGESMatch your budget to your financial goals—for example, if paying off debt is your top priority, a 30/10/60 budget will get you there faster
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Sources: All Your Worth, TheSimpleDollar.comIt’s a Money Thing is a registered trademark of Currency Marketing
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