The 50/30/20 budgeting rule allocates 50% of income for necessities.
In the 50/30/20 method of budgeting, 50% of your income should be used for necessities. This means half of your income is allocated towards essential expenses like rent, utilities, groceries, and other crucial needs.
For example, if your monthly income is [tex]$3,000, $[/tex]1,500 should be designated for necessities such as housing and food.
By following this rule, you ensure a balanced approach to budgeting that prioritizes essential expenses while also considering savings and discretionary spending.
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