This often used budgetary rule of thumb states you should try to keep your necessary expenditures to 50% of your total income, your discretionary expenditures to 30%, and the remaining 20% of your income should go towards savings.
While this approach is definitely not a bad starting point for money management, it's far too broad and general, and even terrible advice for many financial situations.
Let me explain what I mean.
While this approach is definitely not a bad starting point for money management, it's far too broad and general, and even terrible advice for many financial situations.
Let me explain what I mean.
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