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402 – Is the 50-30-20 Budget Rule Even Do-able Today?

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Manage episode 328423744 series 2391871
Content provided by Douglas Hoyes and Doug Hoyes. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Douglas Hoyes and Doug Hoyes or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

A popular budgeting method called the 50-30-20 Rule dictates that you use 50% of your income on necessities like rent, 30% on wants, and 20% to savings and debt repayment. But is this even a realistic money management approach in 2022? With soaring cost of living, many people spend close to 70%-80% on necessities alone. So is this budgeting method a lie now? Enter Maureen Parent, LIT. On today’s podcast, Maureen and host Doug Hoyes discuss how this budget method can be adapted for today’s cost vs. income reality and offer practical tips for managing your money and building savings. Tune in for lots of great advice!

Related Links:

Top Tips to Help You Create Your First Budget: https://www.hoyes.com/blog/top-tips-to-help-you-create-your-first-budget/

Managing Money on a Variable Income: https://www.hoyes.com/blog/managing-money-on-a-variable-income/

The Secret to Budgeting: https://www.hoyes.com/blog/the-secret-to-budgeting/

  continue reading

503 episodes

Artwork
iconShare
 
Manage episode 328423744 series 2391871
Content provided by Douglas Hoyes and Doug Hoyes. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Douglas Hoyes and Doug Hoyes or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

A popular budgeting method called the 50-30-20 Rule dictates that you use 50% of your income on necessities like rent, 30% on wants, and 20% to savings and debt repayment. But is this even a realistic money management approach in 2022? With soaring cost of living, many people spend close to 70%-80% on necessities alone. So is this budgeting method a lie now? Enter Maureen Parent, LIT. On today’s podcast, Maureen and host Doug Hoyes discuss how this budget method can be adapted for today’s cost vs. income reality and offer practical tips for managing your money and building savings. Tune in for lots of great advice!

Related Links:

Top Tips to Help You Create Your First Budget: https://www.hoyes.com/blog/top-tips-to-help-you-create-your-first-budget/

Managing Money on a Variable Income: https://www.hoyes.com/blog/managing-money-on-a-variable-income/

The Secret to Budgeting: https://www.hoyes.com/blog/the-secret-to-budgeting/

  continue reading

503 episodes

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