Now that Spanish families seem to have overcome the September blues, we are heading towards a series of consumerist events that can affect our household budget: Black Friday, Cyber Monday and, of course, the dreaded Christmas shopping. Do you want to learn how to control spending in a simple way and without great effort? Discover how to save with the 50/20/30 rule.
It may sound complicated, but this rule is very easy to apply in our daily lives. Basically, it involves dividing your income into three different groups: basic expenses, monthly savings, and personal expenses or treats. And, of course, assigning a percentage to each one.
How to apply the 50/20/30 rule to basic expenses?
You should spend 50% of your salary on your basic expenses . That is, paying your mortgage or rent, utility bills, community fees, your children's school, grocery shopping... In short, all those expenses that are essential. You may have low basic expenses or a very high salary, so you don't need to spend 50% of it on this area, but avoid spending that extra money on unnecessary things, add it to the part you're saving.
How much can you save with the 50/20/30 rule?
The percentage of your income that you should save using the 50/20/30 rule should be 20%. This way, you can accumulate savings that will allow you to meet unexpected expenses or simply live more comfortably.
Personal expenses or whims
The last of the percentages that appear in the 50/20/30 rule is the one that corresponds to the personal expenses that we have on a monthly basis. You can dedicate 30% of your budget to the purchase of non-essential items (books, clothes), leisure activities, travel… Of course, it is advisable not to spend the entire 30% and to allocate the remainder to increase the amount destined for savings.