US Senator Elizabeth Warren popularized the 50/20/30 budget rule in her book “All Your Worth: The Ultimate Lifetime Money Plan.” The basic rule is to divide after-tax income, spending 50% on needs and 30% on wants while allocating 20% to savings. Thereafter, experts have been recommending consumers to save 10-20% of their income. Even in…
In online forums and Facebook groups that I’m a part of, it’s heartening to see that many young adults are asking questions about managing their personal finances. How much emergency funds should I have? What type of insurance should I buy? How much insurance coverage is considered enough? Where should I invest my money in?…
Creating a budget can be daunting but it provides the fundamental structure for your financial planning and keeps you on track with your financial goals. Here are 5 simple steps to creating the budget that works for you in an infographic.