![]() Saving can also be for a specific goal like a wedding, a new home, new car or the holiday of a lifetime. Savings can include repaying debts beyond just minimum repayments, a rainy day fund for emergencies and saving for your retirement. Saving money is something we need to prioritise. It's perhaps no surprise that this is the category that most of us tend to overspend in. This includes nights out, takeaways, coffees, entertainment, hobbies, designer clothing and bigger items like holidays, or the latest technology. Wants are the things you spend money on that are not essential. It also includes minimum debt repayments, such as for credit cards and other loans. Rent/Mortgage repayments, utility bills, groceries, transport costs, medicines and health insurance. The 50/30/20 rule is a simple way of managing your money, after tax, by setting aside:Ģ0% of your take home income for savings. Now that you can see things a bit more clearly it’s time to look at the 50/30/20 rule. Take a look back over three months to get a very accurate snapshot of your spending habits. You can use a simple budgeting sheet to help you. ![]() Start by reviewing payslips, account and credit card statements, and receipts in order to make your money and spending habits more visible. The first step to improving your financial wellbeing is to know exactly what is coming in and going out of your accounts by creating a budget. ![]() Have you ever wondered where exactly your money has gone? Or, how to start saving towards that goal or the inevitable rainy day?įinancial wellbeing is a term that describes your ability to confidently manage your money and plan for the future, regardless of how much money you may have. The 50/30/20 rule is a simple way of managing your money. ![]()
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