How To Manage Your Money: The 50/30/20 Rule

If you are looking to get your finances in order, this is the video for you! The 50/30/20 Rule of money is an essential concept to understand and implement in your journey to financial freedom.

Not only can this strategy help you save more money, but it will also allow you to create and understand a thorough budget that you can use as a blueprint towards financial success.

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I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.

[NateOBrien]

2020 is only a few months away! Hope everyone is setting and hitting their goals for this year. What’s the most important financial goal for you in the future?

[ajh.]

He's only 21 but very knowledgeable about money management. Very admirable.

[ssdskully]

Here is mines
Needs: 40%
Wants: 20%
Saving: 40%

[harrisc]

Just did this exercise with my monthly budget. Had never done the 50/30/20 math for myself. Happy to see I'm currently at 40% Needs, 25% Wants and 35% Savings.

[calvinraab]

Often times handling your money can seem complex but if you break it down into simple rules like this is all becomes a lot easier!

[juliusfr]

I am 20 years old and you are already a role model to me... Very grateful that I've found you on YT 😀 keep up the great work 👌🏼

[TraderJono]

Here is mine
Needs: 20%
Wants: 30%
Saving: 50%

[justintaylor-moneymindset]

I feel like 50/30/20 rule is pretty solid for those getting started with budgeting but spending half your income on needs and 30 percent on wants always seems a little high to me

[KrystalToddCPA]

Yes I love the 50/30/20 rule but definitely like you said I encourage people to expand that savings percentage as much as you can as your income grows, you will have much more financial freedom quicker this way.

[Jorgenbircheide]

just found you yesterday, really great content, clear, precise og straight to the point, just what i need. Keep it up

[kaede_jing]

After applying minimalism in my life, my 'wants' have reduced greatly to around 10% or less. 50% needs, 40% saving.

[chrisglaze]

50/30/20 is a good minimum. I personally opt to invest the majority of my money, but this is unique because I have low expenses right now in my life. 50/30/20 is a good place to start, but increasing that investment portion will help dramatically.

[SubscriberswithNoVideosC-fizu]

Amazing tips Nate! Explained so well, no excuses just follow the rules 🔥

[TheWealthPrince]

This is the rule I used when I started budgeting, it really is so helpful and after a while becomes second nature!

[andreakae]

I really appreciate how you acknowledge how certain financial guidelines are much more difficult and sometimes impossible on a low income. I can’t believe how big of a difference going from low wage to mid wage made in my life - you’ve said it before and it’s correct, it’s expensive to be poor!

[DanielIles]

These are great guidelines! For most people though saving and investing AS MUCH as possible is even better. Don’t limit yourself just because you have “done enough”!

[michael]

My 'wants' spending is very limited. Already have a decent emergency fund, so I'm just investing in myself e.g. coding & language courses, books

[-natmac]

I feel like your videos have struck the perfect balance. They aren’t full of jargon nor are they super dumbed down. Just really easy to follow advice :) great job.

[jrmorales]

Thank you 🙏🏼 for making that budget excel sheet! I’m only 19 and it’s helpful and gives me a lot of think about

[influencerunchained-digita]

Good advice Nate! 🔥I always try to save as much as I can to put into investments! Compound interest is monstrous!!