One rule that can help you budget your income.
Try the 50/20/30 technique for managing your household money. Applied over time, it may improve your financial picture. Here’s how you can do it:
Assign 50% of your income to essential expenses. Think food, rent, transportation costs, and utilities. Try to avoid using up more than half your monthly income for these needs.
Reserve 20% of your income for paying yourself. Invest it, save it, pay down debt with it.
Spend the remaining 30% on what you want. Just don’t exceed your 30% limit for lifestyle expenses.
You can change the percentages slightly if needed but avoid major alterations. Try your best to stick to this budgeting principle and watch your savings grow.
Think about living by the 50/20/30 rule. It sets guidelines for where your money goes, and it can help you put more of it toward your future. Speaking of the future, how is your retirement saving effort going? Call me or email me today so we can catch up and see how things are progressing.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Patriot Financial Group, a registered investment advisor. Patriot Financial Group and Summit Star Financial are separate entities from LPL Financial. 1 businessinsider.com/compound-interest-chart-march-2016-2016-3 [3/11/16] 2 nasdaq.com/article/20-tricks-to-retiring-rich-cm732007 [1/11/17] The information contained in this e-mail message is being transmitted to and is intended for the use of only the individual(s) to whom it is addressed. If the reader of this message is not the intended recipient, you are hereby advised that any dissemination, distribution or copying of this message is strictly prohibited. If you have received this message in error, please immediately delete. *Please note: This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect taxes, inflation, or the deduction of fees and charges inherent to investing. Stock investing involves risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price This material was prepared for John A. Gordon and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note: Investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax, or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. Tracking # 1-607949