Balanced Money Formula
- Spend 50% of your earnings on needs.
- Spend 30% on any wants you may have.
- Allocate the remaining 20% of your income for savings (or debt reduction.)
The Cash Only Budget
The success of every budget comes down to one simple question: are you spending less than you earn? Creating a budget can be intimidating at first, but keeping this principle in mind can help you take control of your spending. Also, don’t forget to “pay yourself.”
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Lincoln Savings Bank, Member FDIC