You know that moment when payday feels like a celebration, only for your account balance to leave you in shock? One minute you are thrilled about being paid and the next, you are wondering, “What happened to all my money?” Meanwhile, your account balance is giving you the side-eye like it is saying, “Seriously? You are surprised?”
You are not alone, most of us are sitting on this table. If there is one thing to learn over time it is that budgeting is essential! It helps you track how you spend money to avoid surprises and also allows you to plan so you can set limits and allocate money for specific purposes.
The 50/30/20 rule is a lifesaver and a great way to budget. Here is how it works:
●50% on Essentials: Spend half your income on necessities like rent, bills, and groceries.
●30% on Wants: Use a third of your income on things like treats, shopping, and entertainment.
●20% on Savings & Investments: Put the remaining portion into savings and investments to build your emergency fund and grow your wealth.
Need extra help to budget like a pro? There are tons of apps designed to track your spending and stick to your budget. Find one that suits you and get started here
Here is a little tip: Our money market fund helps to make your money grow. It is a safe and easy way to invest while keeping it accessible. Start investing
Let us kick off 2025 with a fresh approach to our finances. With a bit of planning and consistency, you will be amazed at how much better your money can work for you.
Here is to smarter spending!
