How To Manage Your Money (50/30/20 Rule) finance management

by alsaCEMusic



In this video I present a high level overview on how to manage your money using the 50/30/20 Rule.

Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.

50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.

30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.

I feel like a lot of people confuse wants for needs, and we know the difference deep down, but we really want the one that we don’t have the self-discipline to say no.

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50 comments

Marko - WhiteBoard Finance 24/12/2021 - 4:39 Chiều

Do you have a monthly budget?

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Steven Smith 24/12/2021 - 4:39 Chiều

i like it thanks

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Ashton Gofer 24/12/2021 - 4:39 Chiều

I’m doing 25% to whatever you want and 75% to bills saving and everything else that are needed and 25% to spend I might go to 12.5% and save more but I don’t know

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Julia M 24/12/2021 - 4:39 Chiều

This may sound really stupid, but is it better to do a 50/30/20 monthly? Or is it possible incorporating that into a bi-weekly plan?

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Melinda Pierce 24/12/2021 - 4:39 Chiều

thank you

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KingReyReyes 24/12/2021 - 4:39 Chiều

Like you said, it’s common sense but if we don’t actually look at the numbers it’s surprising how much is put in certain categories. Thank you! Will definitely have to categorize my spending

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NotSam321 24/12/2021 - 4:39 Chiều

How would I break this apart? Like how could I separate my wants money and needs money. How do I make sure that when I buy McDonald’s I’m using my “wants” money instead of needs?

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Trang Huynh 24/12/2021 - 4:39 Chiều

Too short of the video. Lol. Need more please.

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patricia mwiya 24/12/2021 - 4:39 Chiều

Very educative

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Erick Salazar 24/12/2021 - 4:39 Chiều

This helped a lot thank you 🙏🏦💴

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Timothy Swan 24/12/2021 - 4:39 Chiều

100% of my income will be for purchasing a new MacBook pro.
50% of it is necessary for making income, 30% for gaming and 20% of it is for saving my important documents.

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Betty Ogiel 24/12/2021 - 4:39 Chiều

Thank you so much. Marko. Great value.

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Bryan Hauschild 24/12/2021 - 4:39 Chiều

Add 10% tithe, and then your a winner!

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Daninnot KYAMUSOKE 24/12/2021 - 4:39 Chiều

Thank you Coach, but now this method is available to one who gets much money! If per month you get $ 200 how is it possible to apply that, when your expensives is up than $200

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Legend has it 24/12/2021 - 4:39 Chiều

Thanks allot ,you really helped me allot , new sub

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Fred 24/12/2021 - 4:39 Chiều

20% savings is too low. 30% at the minimum

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THE STOCK MARKET VALUE INVESTING CHANNEL 24/12/2021 - 4:39 Chiều

Download free software to manage your personal expenses

https://www.youtube.com/watch?v=lELY0alZ6Ik

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Crypto Block Management 24/12/2021 - 4:39 Chiều

Shouldn't you focus on paying all your debt instead of dining out and hobbies

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Noby Fuerzas 24/12/2021 - 4:39 Chiều

Im watching this to buy my dream phone

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Josiah Graham 24/12/2021 - 4:39 Chiều

Great tips! Subscribed!

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Huey Newton330 24/12/2021 - 4:39 Chiều

Thanks for breaking the chart down

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Angelo meles 24/12/2021 - 4:39 Chiều

Very good tips ! I always run off my budget , i also try to categorize every purchase i made using an app but is uneffective.
I 'll try this simpler division.
Thanks

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GoodTimeCruz 24/12/2021 - 4:39 Chiều

Great insite , where can i find more about the debt avalanche method for paying off student loans etc

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Jamie B 24/12/2021 - 4:39 Chiều

Should I keep putting 20% to my savings or put that towards my credit card?

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Vidz 24/12/2021 - 4:39 Chiều

Waste of time

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Anastasia K 24/12/2021 - 4:39 Chiều

I cant pay attention cuz this guy is so damn hot ☺☺

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Harvey Black2 24/12/2021 - 4:39 Chiều

Awesome, thank you Marko

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analyn simbajon 24/12/2021 - 4:39 Chiều

i subs coz you are cute.

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Meow 24/12/2021 - 4:39 Chiều

This lesson isn't taught in school, but this guy teach us to be financial free for free. Thank you so much.🙏❤️

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I am A smurf 24/12/2021 - 4:39 Chiều

WOW INCREDIBLY BAD ADVICE WELL DONE DUDE FOR DUMBING DOWN SOCIETY

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Efrain Palomera 24/12/2021 - 4:39 Chiều

What if you implement this before tax . How would yoy set aside uncle sams money ? Doesn’t the gov take away certain percentage for business Owners ?

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elvis alb 24/12/2021 - 4:39 Chiều

👏👏

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Lizzie Lemone 24/12/2021 - 4:39 Chiều

what should you do with your savings after you have built your emergency fund and invest regularly already

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David Workman 24/12/2021 - 4:39 Chiều

very nice!

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James Cox 24/12/2021 - 4:39 Chiều

My supervisor who makes way more than me said she needs a place to live because her landlord is selling. Should've seen the look on her face when I told her I had a vacancy at one of my rentals.

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DWSR 24/12/2021 - 4:39 Chiều

I save 75% of my salary and i've made it a strict priority

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Johnson robert 24/12/2021 - 4:39 Chiều

<<People who give up in life are those who lose in life, my first experience happens to be a failure but I never gave up cause I know it was going to work out for me trying continuously, fortunately I'm smiling today by getting involved in Bitcoin investment earning $13,500 after 10days

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HoyerHauling 24/12/2021 - 4:39 Chiều

Thank You!!

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Andrew Harvey 24/12/2021 - 4:39 Chiều

These are great guidelines, but I don't know anyone who actually works for a living who has $24k in savings just in case. I'd love to see a video for those of us living on the margins. I don't actually have enough to reliably put money into savings every week and certainly not 20% of my net income. I am paying down debt, hardly ever eat out, bring my lunch to work each day, have no hobbies and I'm very limited on entertainment, like $30 per month for subscriptions. I know paying off debt will help, but isn't there something else to get out of this pit?

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Kenny King 24/12/2021 - 4:39 Chiều

My college tuition was 2000 a semester in the late 90's, the cheapest state school where I work, it's 7K a semester. What the heck.

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Washam 24/12/2021 - 4:39 Chiều

Damn I just made my pie after this video 30 needs 20 wants 50 savings

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Ryan 24/12/2021 - 4:39 Chiều

Would I be able to do 50% needs
20% wants, 10% debt and 20% savings?

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Richard Hans 24/12/2021 - 4:39 Chiều

The philosophy of the rich and the poor is this:the rich invest their money and spend what is left. The poor spend their money and invest what is left.

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Alex Ramos 24/12/2021 - 4:39 Chiều

What percent do I send to investing?

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aku 24/12/2021 - 4:39 Chiều

20% needs 80% wants is how I roll.

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Life Is But A Journey 24/12/2021 - 4:39 Chiều

1.1K viewers just won't budget.

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cocoabiscuits 24/12/2021 - 4:39 Chiều

Hobries

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Fabian Elliott 24/12/2021 - 4:39 Chiều

I hate talking to people about money things and they tell you how much they save, there plan, etc. Majority of the time they ARE ABLE to do that because they are so heavily supported by parents, even as adults, and they never realise their privilege compared to having to pay your own rent, bills, food, fuel etc.

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Roberto Parra 24/12/2021 - 4:39 Chiều

This is a good basic video, if there are any doubters out there i suggest tracking your spending after watching to notice where your money goes.

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Kendra Paulina Garcia Castillo 24/12/2021 - 4:39 Chiều

It would be great if he would improve his writing because if he wouldn't talk i wouldn't be able to read what he's writing.

Reply

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