What is the best method to budget?
|Budgeting method||Good for…|
|1. Zero-based budget||Tracking consistent income and expenses|
|2. Pay-yourself-first budget||Prioritization of savings and repayment of debt|
|3. Envelope System Budget||Make your consumption more disciplined|
|4. 50/30/20 budget||Categorizing “needs” over “wants”|
What is the essence of the 50 30 20 rule? The 50/30/20 rule budget is a simple way of budgeting that does not involve detailed budget categories. Instead, you spend 50% of your salary after tax on needs, 30% on wants and 20% on savings or debt repayments.
What are three keys to financial success?
3 keys to financial success
- Makes money.
- Spend money.
- Save money.