In Fly Frugal Tips

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I remember when I first started working in Credit Counseling, I was giving a percentage sheet to help people develop a spending plan using these percentages as a target. For most it was just too unrealistic for where they were at now.

Insert the 50/20/30 Plan! It’s simple and easier to implement, thus making it less stressful when just starting out. With this plan, 50% of income goes towards fixed necessities (i.e. rent), 20% to long term savings, and 30% to lifestyle choices (food, entertainment). LearnVest is the king of this if you’d like more info on this method (learnvest. com)

As with most budgeting percentages, they are a guide and can be adjusted to suit your goals. I’ve had some clients save 30% and have their lifestyle choices fit within the 20% section. It’s up to you!

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  • Katrina Bynes
    Reply

    I know their trying to change the procedures for future investors to have a credit score of 720 to rent to renters.

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