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Benefits news: Budgeting for retirement--the 50/30/20 rule

Jul 16, 2015

Improving your financial literacy starts at home — with budgeting. It's a fundamental tool to help you understand your money: what you spend, debt you carry and opportunities to save. Follow the 50/30/20 rule of thumb to help you manage your spending:

  • No more than 50% of your monthly income for must-haves, such as housing and utilities — expenses you have to pay every month.
  • No more than 30% for wants, such as entertainment and gym memberships.
  • At least 20% for savings and paying down debt

Use this worksheet to get a better understanding of where your monthly income goes and how you can take more control by tracking spending. Also learn about "good" and "bad" debt and finding the right balance

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