A Simple Budgeting Strategy for Beginners (50/30/20 Rule)

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[wiseman]

For low income people like young adults not living with mom or dad. 70% necessities 10% investments 10% emergency fund 10% wants fun money. What I do is 75% or less of my net income goes on variable expenses and fixed expenses and irregular Expenses, so that 75% is all those 3 together. 25% can go to savings investments paying down credit card debt ect. Not that I have credit card debt just using that as an example.

[financialorderofoperations]

This is the standard Financial Order of Operations priority list:
Starter Emergency Fund (1 month of necessities)
High Interest Debt
Full Emergency Fund (3-6 months of expenses)
Retirement Accounts (20% of gross income)

[kristasartoris]

Thanks for all of your advice & suggestions!😊

[georginaramsden]

Not being negative but will 100 monthly in a index fund actually be worth it as that’s all I can swing

[singleguysimplelife]

My budget is more 70% needs/ 20% wants/ 10% Savings.