How to budget your money if you make $50,000 per year

Tracking your finances doesn’t have to be complicated.

A budget starts with a list of your income and your expenses. There are plenty of tools you can use to manage your money from there, but one of the most simple strategies is the 50-30-20 rule.

And it’s pretty straightforward: You split your money between your needs, wants and savings, according to those ratios.

Here’s a case study.

CNBC crunched the numbers, and we can give you an idea of what your budget should look like if you make $50,000 per year. Check out this video for a step-by-step guide to making a budget that will work for you.

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[prnewbie]

Wow based on the comments I'm reading it seems like America is insanely expensive even with a frugal lifestyle. No wonder a large portion of Americans live from pay cheque to pay cheque.

[Misslady]

Wow! Where are they getting their prices from? 1992????

[bit_paul]

hahahaha rent $1000 per month I'm paying 2500 for a 2 bedroom outside of downtown. Plus 75 for a parking spot. Not very realistic, this does young people more harm than good.

[CreativeThinking]

Very helpful. Thanks for sharing. Have a great weekend. 👍265 likes

[johnmonk]

So a family of 4 should live in a studio apartment???

[levelUpmarketing]

After I became a personal finance YouTube. I realized I needed a budget. Only 25% of Americans have a written financial plan

[christianandrews]

Where are you living with rent for 1000 dollars?

[juanzamarripa]

Missing health insurance, children expenses, auto insurance

[jeremyanderson]

$150 for utilities? What a waste of breath. $400 for the vehicle? What kind of world are we talking about here. It must be a magical land of perfect weather and new cars for everybody.

[giggles]

Ummm...how about Student loans and car insurance being factored in the budget

[detroitluv]

only $250 a month for groceries. I spent $200 last week.

[annoyedreview]

This didn’t age well, I spent 50 dollars on groceries and that’ll last me like 3/4 days at best.

[paulschaaf]

Yeah try doubling that rent and then run the numbers again...

[yocobicus]

From the slide at 00:11 the total of that math’s out to 3780. If you make exactly 50, 000 a year. You are going to come home with $3846.15 gross pay. $66.15 leftover from the amount above a month time that by 12 equals 793.8. Now 793.8 minus federal taxes alone of 6, 307 where is the other 5, 513.20 coming from. Hahahaha

[yorok]

- get 50 000 dollars
- invest them in the animation

[Jackknife-TV]

$200 car payment yeah ok 1995 pricing here barely can get a studio in most suburbs for $1, 000 a month

[detroitluv]

My take home is 2400 monthly on 50k annually.

[alpharenderings]

800 for rent....??? who what when where why...and how?

[malonebrown]

This budget projection is obsolete by more than 20 years and is not a good representation of today's household economy. In fact, it is a better representation of a 1990s metro area household.

[speedfreak]

So starve, no internet or tv. Live in your parents basement where they charge you 800 a month.