Budgeting Is Not About Restriction ā It Is About Direction
Most people think budgets are about cutting expenses and saying no. The truth is, a budget gives your money a purpose. It tells every dollar where to go so you stop wondering where it went. The 50/30/20 Framework: š 50% of your after-tax income goes to needs: housing, utilities, insurance, groceries, minimum debt payments š 30% goes to wants: dining out, entertainment, subscriptions, non-essential purchases š 20% goes to savings and extra debt payments: emergency fund, retirement, financial restoration goals This is a starting point, not a rigid rule. Adjust the percentages based on your situation. The most important step is tracking your spending for 30 days. Most people are shocked at where their money actually goes. Knowledge is the first step toward financial freedom. Schnoldine Lynn Joseph ā Tax Accountant, EA, IRS Enrolled Agent, Realtor John Clerge ā Paralegal, Realtor, Insurance Agent, Notary Public, Financial Restoration Specialist š (844) 200-8027 | (973) 392-2785 š book.jrickssfinancialservices.com
