What is the 50/20/30 rule?
When considering purchasing a home, there are some easy ways to remember how to handle your money and prosper as a homeowner…and ultimately, sell your home at a profit.
The 50/20/30 rule. Your spending can be divided into three categories - Needs, Wants, and Savings. Allocate 50% of your after-tax income for needs such as food, rent, etc. Wants are things you can live without that make life easier or more enjoyable but should be no more than 30% of your budget. Twenty percent should go into savings and investments like IRAs or 401Ks.
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Tawana Bourne | 860.834.1220
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*Disclaimer. Q&A’s are for marketing purposes only and are not intended to offer real estate advice to non-represented parties. Please consult with a real estate professional under their contractual representation for answers to your real estate questions.