Budget Money Rules: 70/20/10 vs 50/30/20 - Which is BEST?

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🍹 My mission is to help everyday women overcome real life money and investing problems by providing down-to-earth guidance. It's like sitting down and talking to your nerdy friend over coffee!

Timestamps:
00:00 - Intro
00:10 - What are Money Rules?
01:19 - The 70/20/10 Budget Rule
02:19 - The 50/30/20 Budget Rule
03:09 - Which Budget Rule is Best?
04:29 - Which Budget Rule Do I Use?

QUESTION: Which budget money rule do you use?

About This Video:
In this video, Scarlett compares the 70/20/10 budget rule against the 50/30/20 budget rule!

#702010rule #thirtyeightinvesting #budgetrules

DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Advice provided in this video is not professional financial advice and is for educational and entertainment purposes only.

[ReTrO]

I started using the 50/20/10/10/10 money rule. It is the same as the 50/30/20 rule except you have more money room to disperse and convenient for those who have extra money loafing around not knowing where to put it

[TheFinancialMinute]

Didn't even know what this is so definitely learning for me! Like #1!

[rebeccalankford]

75/25

75% on must haves and some wants, could allocate 50% for must have, 25%wants.

25% devided by 2 to go towards debt pay off and savings, the other investments.

Equals
50/25/25

Adjust to your own personal needs as this is a outline or guide.

Also utilize the envelope method and or zero balance allocation.

Automate as much as possible.

Know your spending habits correct where you can.

Meal planning saves you money. Take food and drink with you. Food prep in advance.

[thatgirl_Devi]

Thank you for this video! But what about debt?

[investk]

why did you stop making videos, your videos are good.

[lovesockshollowell]

We are trying 50 40 10, but we put gas and groceries under the 40 percent

[rebeccasuraci]

I would switch 20 and 30 but tbh my want is about 10…or less

[iwantcheesypuffs]

If your needs are 70% of your net earnings, then either you're very underpaid or living above your means. Do you really "need" that 40K car with a $770/month payment for the next 72 months?(15K in interest over the life of the loan!!) Probably not. Ideally you will want to get to a space where you debts are minimal (only your mortgage/rent) and you're doing the 50/30/20 as --
50% Saving / Investments
30% Needs
20% Wants/Fun Stuff

[johnnymartinARTIST]

sounds like my ex after 2 glasses of wine...