How the 50-20-30 rule can help you get out of debt and save money - NBCNewsBETTER
. He says the simple rule provides flexibility, whether you want to pay off debt, save, invest or all three.“Fifty percent is for needs, thirty percent is for wants, twenty percent is for savings,” Berger tells NBC News BETTER.50 percent: Includes rent/mortgage, food, bills, minimum debt payments and other essentials30 percent: Dining, entertainment, etcBefore you begin, you’ll need to determine out how much you can realistically save, says Berger.
For example, someone with high expenses and high debt may need to adjust the rule to 80-10-10 until they have reduced their debt and grown their savings. But before you assume you can’t afford to save 20 percent, Berger advises, take the time to examine your spending habits. “Rather than immediately say, ‘Oh, this won’t work, I can’t save 20 percent — which I understand, I’ve been there, most people have been there — spend some time thinking ‘Well, wait a minute, if I had to make this work, what choices could I make to make it work?’ Think through all the things you absolutely must have,” advises Berger.
“You got to focus on what you absolutely have to have, and that means really shrinking that 30 percent bucket — getting rid of everything you don’t have to have,” says Berger. “Which is not always easy and not always fun, but if you find yourself in a difficult financial situation, you’ve got to make those tough decisions.”
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