How to Budget a $70,000 Salary - the 50/30/20 Rule

Do you want to learn how to budget your money effectively and achieve your financial goals? In this video, I will show you how to apply the 50-30-20 rule to budget a $70,000 income.

The 50-30-20 rule is a simple and flexible way to divide your income into three categories: needs, wants, and savings. According to this rule, you should spend 50% of your income on your essential needs, such as housing, food, utilities, and insurance. You should spend 30% of your income on your discretionary wants, such as entertainment, hobbies, travel, and eating out. And you should save or invest 20% of your income for your future, such as retirement, debt repayment, or emergency fund.

In this video, I will break down how much money you can spend on each category based on a $70,000 income before taxes. I will also give you some tips and examples on how to reduce your expenses, increase your income, and optimize your savings. By following the 50-30-20 rule, you can create a realistic and sustainable budget that suits your lifestyle and helps you reach your financial dreams.

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Thank you for watching and I’ll see you in the next video!

[timstatler]

Lol I love the intro song. Great tips here.

[MoltenSamurai]

My needs are 63% 💀
Of course that leaves 37% to invest, except my spouse ends up turning that into more like 2% idk 😂