Don’t follow the 50/30/20 rule blindly!
The 50/30/20 rule is a great starting point for managing your finances and achieving financial stability.
It provides a simple framework for dividing your income into three categories: needs, wants, and savings.
However, it's important to recognize that this rule is not set in stone, and your financial situation may change over time.
As you earn more money, you may notice that the things you need to buy become a smaller part of your total expenses.
This means you might have more money left over to spend on things you want.
This is called "lifestyle inflation" but you should ideally need to set a limit on your needs and increase the percentage you allocate to wants and savings.
For example, you can increase your contributions to retirement accounts, emergency savings, or other long-term investments.
Remember that your financial situation is unique, and there is no one-size-fits-all solution for managing your money.
Take the time to assess your needs, wants, and goals regularly and adjust your budget accordingly.
With discipline, focus, and a willingness to adapt, you can achieve financial freedom and live the life you deserve.
Let me know what are your thought on it
#nehanagar #finance #personalfinance #budgeting
