simplify your spending
The online 50-30-20 calculator divides your monthly income into necessities, wants and savings. A classic rule of thumb is to split your monthly salary as follows:
- 50% goes into necessities (essential expenses such as rent and bills)
- 30% goes towards wants (such as food, activities, subscriptions and petrol)
- 20% goes towards savings or debt repayments
Of course, the amount you’ll be able to put into these pots will differ based on your circ*mstances. If your spending doesn’t fit the rule, that’s okay – but it gives you a good goal to aim for.
