Yusra3
VIP Contributor
The 30-30-30-10 budget is a popular way to manage finances when you're just starting out, especially if you don't have much experience with money.
It's also a great way to get started if you've been using a budget and it's not working out for you.
The basic idea behind this plan is that you spend 30% of your income on things like rent and utilities, 30% on food, and 10% on fun stuff like movies or trips.
When it comes time to pay your bills, you'll just divide those numbers by three. so if you spent $3,000 on rent and utilities for the month, then the remaining $1,000 would go toward paying off debts or saving up for something special. You just need a few simple steps:
1. Determine your monthly income, including any part-time income you may have. This includes any earned income (wages) or other forms of income such as Social Security or disability benefits.
2. Determine how much you spend on groceries each month. This will vary from person to person depending on how much food you eat and how often you go grocery shopping (which factors into the cost of eating out).
3. Divide your grocery budget by 3, then round up to the nearest whole dollar amount (for example, if your groceries cost $90 per month, divide by 3 and round up to $135).
4. Subtract this figure from your total monthly spending amount (in step 2 above), and repeat until you have no more leftover money from spending on groceries after subtracting out this figure in step 3 above (this should leave you with zero dollars left over).
It's also a great way to get started if you've been using a budget and it's not working out for you.
The basic idea behind this plan is that you spend 30% of your income on things like rent and utilities, 30% on food, and 10% on fun stuff like movies or trips.
When it comes time to pay your bills, you'll just divide those numbers by three. so if you spent $3,000 on rent and utilities for the month, then the remaining $1,000 would go toward paying off debts or saving up for something special. You just need a few simple steps:
1. Determine your monthly income, including any part-time income you may have. This includes any earned income (wages) or other forms of income such as Social Security or disability benefits.
2. Determine how much you spend on groceries each month. This will vary from person to person depending on how much food you eat and how often you go grocery shopping (which factors into the cost of eating out).
3. Divide your grocery budget by 3, then round up to the nearest whole dollar amount (for example, if your groceries cost $90 per month, divide by 3 and round up to $135).
4. Subtract this figure from your total monthly spending amount (in step 2 above), and repeat until you have no more leftover money from spending on groceries after subtracting out this figure in step 3 above (this should leave you with zero dollars left over).
