Making more money and being able to grow your net worth are very important aspects of living a not only a rich but very successful financial life. We are always about you and how you can improve, Here are six (6) fun ways that help you budget better successfully;
- Be realistic when using the 50-30-20 rule
We tend to go overboard sometimes when trying to discipline ourselves about our spending. It’s always better to meet up with what you can afford than not meeting up at all, we break up the 50-30-20 rule accordingly below;
• 50%- of your income toward necessities, like housing and bills.
• 20%- financial goals, like paying off debt or saving for retirement.
• 30%- of your income can be allocated to wants, like dining or entertainment.
2. Know what your needs and wants are
Always make a list before spending, know what your needs are and what your wants are. Then list then according to priorities other than preferences.
3. Review And Recalculate
A review of your budget every month can help you stay on track with your finances and also help you optimize your spending. You get more out of it when you learn from your mistakes and apply it. Always ask questions such as where did you overspend? Where did you save? What can you do differently next month? These help you review better.
4. Keep All Of Your Bills and Receipts
This will help keep track your spending as well as simplify taxing at the end of the year. Numbers are not easy for us to remember all the time, so it’s better when you keep track with your OnePay. Download OnePay now on Playstore and iOS
5. Include A Miscellaneous In Your Budget
When you plan for unseen expenses it makes it easier to deal with when they happen. Total your expenses, take 10% and put it into a ‘miscellaneous’ category for flexibility and unforeseen circumstances.
6. Do the Budget Together
When two become one, it’s no longer your money or my money—it’s our money. You know how they say “Two heads are better than one” right? It applies here too.
Very well then
But where will one include 10% for miscellaneous since the 50% 30% 20% rule all together hits at 100% coverage. I think the 30% for want has to be at 20% then 10% goes to miscellaneous i.e 50% 20% 20% 10%. It’s more visible and flexible….
Thanks for thiz