Create and manage your personal monthly budget
The 50/30/20 rule suggests allocating 50% of your income to needs (housing, food, utilities), 30% to wants (entertainment, dining out), and 20% to savings and debt repayment.
Financial experts recommend saving at least 20% of your income, but aim for more if possible. Start with what you can afford and gradually increase your savings rate.
Track all expenses including housing, utilities, food, transportation, healthcare, insurance, entertainment, debt payments, and any other regular or irregular expenses.