You work hard for your money, but is your bank account growing in tandem or is the balance not looking quite on par with what you've imagined?
The basic rule of thumb for this budgeting method focuses on dividing monthly after-tax income into three spending categories: 50 per cent for essential needs , 30 per cent for wants and 20 per cent for savings or paying off debts.This is a cash-based personal finance management in which a specific amount of cash is set aside in an 'envelope' for monthly expenses.
This method respects your priorities and allows you to allocate more budget to what you enjoy doing. Whether you love to travel or dine at Michelin-starred restaurants, you can personalise your budget according to your preference instead of sticking to rigid guidelines.As the name suggests, this budgeting method prioritises savings before expenses.
Conversely, if you're in debt or have ambitious goals like buying a property or car in the near future, meticulous strategies like the 50/30/20 or zero-based methods are more likely to expedite your progress.How much effort are you willing to put into tracking and managing your expenses? Do you have the time to keep up with monthly budgeting?
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