70 20 10 Budget
12 August 2022
How do you manage your budget every month?
Everyone will have: different circumstances; salary levels; be subject to different expenses; and more; which will influence how they can best manage their finances.
70/20/10 Budget
Based on a US concept, the 70/20/10 Budget has been adapted from the 50/30/20 rule, which focuses on 50% of your monthly salary going on needs, 30% on wants and 20% on savings.
Given the current conditions, ever increasing energy prices and more, it’s just not possible for the average consumer to allocate as much as 30% of their salary on “wants”.
If you do not have any debt, however, you could and should consider allocating more of your salary into savings each month as a buffer for the days ahead.
Remember…choose a budget plan best suited for you and your circumstances!
Contact us if you have any questions, we are here to help!
Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.
“Save regularly and borrow only what you need.”
