How To Use the 50/30/20 Rule for Money Management

In this video I'm covering the 50/30/20 rule (also sometimes seen as 50/20/30 rule) for managing your money. It's quite simple. 50% of you budget towards needs, 30% towards wants and 20% towards savings and paying off debt.

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Disclaimer: I am not a financial advisor. Although I am a lawyer by profession, I am not your lawyer and no attorney-client relationship is established with you in any way. This video, and the ideas presented in it, are for entertainment purposes only and should not be construed as financial or legal advice.

[zuozhen]

Erika needs to be a college professor and teach these young whipper snappers some economic common sense.

[SDR-TV]

Erika is awesome - not only does she help us learn, grow and earn but she reads the fine prints that’s why we follow her! ☺️🥂🙌

[jimistcom]

I suggest separating different sections of each video and adding text to starting different sections; I was backing and forwarding for a specific and it just was confusing ...

[angelahall]

Thanks, Erika! How do you feel about investing and saving while still paying off debt?

[FinancialSelfReliance]

"Take control of your income, instead of being controlled by your expenses" THIS!

This is one of many excellent money management strategies... Great video Erika!

[howtoadultschool]

Great description of this savings rule! Your channel has a great balance of videos between saving money AND figuring out ways to increase your earning potential for the people who don't feel they make enough to use a proper savings regime. 👌

[JonathanSorunke]

Really good breakdown on the 50/30/20 budget! It’s a really great tool to start making a budget with. Great video!

[zelikris]

Using this rule actually helped me realize that I was being too frugal and putting way too much money into savings

[InvestingNerd]

Been using this for the past couple years, it’s so helpful! Well done Erika 👌

[mglastra]

The slightly thicker right frame in the background mildly itches my ocd. Enjoy the content tho! ❤

[PieceOfThePieWithTy]

Taking control of you finances with the 50/20/30 Rule can really help out those struggling to stay above water. Great Video!!

[peternagy]

Great information and very wise, educational .
Thank you so much.

[xo]

I have a high income. I give myself a very small monthly allowance = 20% of my after-tax income. The rest is saved.

I also downsized from owning to renting a smaller home in a walkable city, and got rid of my German car.

[timwindsor]

Awesome video ERIKA. Very useful info. Thanks for sharing. Keep the incredible content coming. Hope you have an amazing weekend. Much love

[Bluponi]

Erika, I've been saving 30 % in a 401K since I was 18... I think that's enough

[CaseyBurnsInvesting]

Can’t forget to spend a little bit of the money, it’s healthy.

[official_ate_gi_channel]

I’ve read this book years as ago, applied the principles which has helped our family get control of our finances.

[ZachSchieffer]

Actually making a video for my channel on this right now! Awesome subject!

[gabrielatutalo]

Thank you Erika! your videos always provide so much value!

[venusgod]

Great video again you knocked it out of the park. Keep up with the fantastic content btw, you look great. Wishing you the very best going forward, Eddie here watching you becoming a millionaire. 👍