50% for Needs 30% for Wants 20% for Savings / investment
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Components one cannot live without.
Groceries Rent Utility bills like electricity, gas, water, mobile, etc.
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Things you want but you can survive if you don’t have them.
Vacations Hobbies Dining out
Shopping Movies Streaming services
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It is the most crucial part of the budgeting rule, Savings will help you achieve your future financial goals.
Although this budgeting rule allocates only 20% to savings, it must be your utmost priority and should never be ignored.
Calculate Your Monthly Income
Categorise Your Spending History based on transactions in each category.
And finally once you know where your money goes , Evaluate and Adjust Your Spending
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