With inflation on the rise and the stock market in trouble, keeping an eye on your finances is essential. Not a fan of budgeting? You don’t have to be a financial expert to follow the 80/20 rule, a simple budgeting method that can help you take control of your money.
The 80/20 rule, according to CNBC, involves allocating 80 percent of your income to essential expenses like housing, food, and transportation as well as any additional wants, and setting aside 20 percent for savings and debt repayment. This simple approach can help you stay on top of your finances without feeling overwhelmed.
Setting up automatic transfers to savings and investment accounts can help you reach your financial goals, and paying off debt is always a smart move. By following the 80/20 rule, you can take control of your money and improve your financial situation. Give it a try—you may be surprised at how much easier budgeting can be.