Budget50: 50/30/20 Rule 1.0.8

Your path to financial freedom starts with creating and sticking to a monthly budget. Follow these steps:

• Track all sources of income diligently
• Allocate your income following the 50/30/20 rule
• Identify and reduce unnecessary expenses

Financial Needs:

• Essential costs like utilities, housing, transportation, and basic necessities
• The app assists in limiting these essential expenses to 50% of your total net income

Financial Wants:

• Non-essential items such as trendy clothing, dining out, or luxury purchases like hobbies and travel
• The app aids in managing these discretionary expenses within 30% of your net income

Savings:

• Allocate a portion of your income monthly towards retirement, short-term goals, and building an emergency fund
• Contribute 10% of your net income to savings each month for a solid financial foundation