Yusra3
Banned
The 70-20-10 budget is a popular formula for budgeting. It's designed to help you manage your finances by ensuring that you spend 70% of your income on necessities and 20% on wants. The 10% is left over, which can be used to save or invest.
The 70-20-10 budget is a great way to manage your finances if you're just getting started in managing your money. It helps you keep track of where your money goes so that you can make better financial decisions.
The first part of this budget plan is to set a savings goal. the amount of money you want to save each month. You can save in one or more accounts, including your checking account and retirement accounts.
Then you'll need to decide how much money you want to spend each month on things like groceries, clothing, utilities, and other basic necessities. This is called "regular spending."
Finally, make sure that at least 20% of your income goes toward investing (this part is called "investment"). Investing doesn't mean just putting money in stocks and bonds; it also includes things like 401(k)s (if you have access), Roth IRAs (if you qualify), or education savings plans (if they're available).
The 70-20-10 budget is a great way to manage your finances if you're just getting started in managing your money. It helps you keep track of where your money goes so that you can make better financial decisions.
The first part of this budget plan is to set a savings goal. the amount of money you want to save each month. You can save in one or more accounts, including your checking account and retirement accounts.
Then you'll need to decide how much money you want to spend each month on things like groceries, clothing, utilities, and other basic necessities. This is called "regular spending."
Finally, make sure that at least 20% of your income goes toward investing (this part is called "investment"). Investing doesn't mean just putting money in stocks and bonds; it also includes things like 401(k)s (if you have access), Roth IRAs (if you qualify), or education savings plans (if they're available).
