off-topic Budgeting With the 50/30/20 Rule: Practical or Overrated?

[Apsara]

I have tried the 50/30/20 rule (needs/wants/savings). It sometimes gives me clarity but isn't always realistic.
Have you followed this method? What worked or didn’t?

 

[Kross]

When it comes to savings, I always say that these models are just to give a framework. For an average income earner, 50% is not enough to meet up with basic necessities. I am more of the opinion that people should adapt their financial management methods by themselves rather than follow models.

 

[Zani]

When it comes to savings, I always say that these models are just to give a framework. For an average income earner, 50% is not enough to meet up with basic necessities. I am more of the opinion that people should adapt their financial management methods by themselves rather than follow models.

This is a guide and what it is saying is that no matter how hard that it gets, it is always very important to keep saving and not squander those savings anyhow we want it.

 

[Yama]

It is very practical, if you cannot keep your needs under 50 percent or cannot save 20 percent, you need to adjust your expenses.

 

[lens]

I agree with the 50/30/20 rule as a good starting point for those who just want to start sticking to an appropriate budget. It is quite good for those with a very high income or those living in high cost areas. It is just a plan to prioritize what you need over wants and savings.

 

[Maina]

I find the 50/30/20 rule practical. It is simple and keeps spending in check. I used it to manage student debt and build savings. I sometimes adjust it slightly based on monthly priorities.