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The 40/30/20/10 rule and 50/30/20 rule are budgeting strategies. The 40/30/20/10 rule allocates 40% of income to necessities, 30% to wants, 20% to savings, and 10% to debt repayment. The 50/30/20 rule allocates 50% to needs, 30% to wants, and 20% to savings. Both aim to balance financial priorities and encourage savings.

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