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Originally developed by a U.S. Senator who was an expert in bankruptcy law, the 50/30/20 rule states that your after-tax income should be roughly divided three ways:
50% used towards needs
30% used towards wants
20% used towards long-term savings
This rule is a great guideline. The beauty of it lies within its simplicity. It just takes a little dedication to get started. One of the most important financial habits is saving and one of the great secrets to saving is finding a way to make it automatic. This is what you’ll learn to do during this coaching session.
This session will take approximately 3 minutes to complete, where you will:
Discover the 50/30/20 budgeting rule
Discern between your needs, wants, and savings
See the big picture for managing your cash, whether you have a little or a lot
Get started with your Banzai Coaching Session:
First Source can tailor accounts to fit your budgeting plan. Check out our Savings page to learn more about saving options and book an appointment with one of our friendly and knowledgeable representatives to find the best way to reach your financial goals.
If you would like to schedule our Community Educator for a seminar or workshop for any Financial Friday educational topic, please email your request to FinancialEducation@fsource.org
Interested in learning more? There are also additional resources which have been created specifically to help you gain financial freedom. Feel free to use these anytime.
We look forward to helping you.
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