Manage episode 328423744 series 2391871
A popular budgeting method called the 50-30-20 Rule dictates that you use 50% of your income on necessities like rent, 30% on wants, and 20% to savings and debt repayment. But is this even a realistic money management approach in 2022? With soaring cost of living, many people spend close to 70%-80% on necessities alone. So is this budgeting method a lie now? Enter Maureen Parent, LIT. On today’s podcast, Maureen and host Doug Hoyes discuss how this budget method can be adapted for today’s cost vs. income reality and offer practical tips for managing your money and building savings. Tune in for lots of great advice!
Top Tips to Help You Create Your First Budget: https://www.hoyes.com/blog/top-tips-to-help-you-create-your-first-budget/
Managing Money on a Variable Income: https://www.hoyes.com/blog/managing-money-on-a-variable-income/
The Secret to Budgeting: https://www.hoyes.com/blog/the-secret-to-budgeting/