What is the 70/20/10 rule?

The 70/20/10 rule is a guideline that balances spending, saving, and debt repayment. It's a simple method to get started managing money but should be adjusted to fit your needs. One of the limitations of the 70/20/10 rule is that it doesn't separate essential and nonessential expenses. Budgeting is a great way to gain control over your income.

What is the 70/20/10 budget rule?

The 70/20/10 budget rule is a money management strategy you can use to dictate where you want your income to go. It involves separating your take-home pay into three buckets and dividing each into the following percentages: Seventy percent for monthly bills and daily spending.

Should you try the 70/20/10 budget?

If you want to pay off debt, save money and spend with freedom, then you need to try out the 70/20/10 budget! Managing money can be challenging due to bills, debts, and savings goals. Many live paycheck-to-paycheck without an effective budget.