#PersonalFinanceUK

[cyarskj52]

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realandready Anyone else been watching the Scandoval drama on Vanderpump Rules? 👀

👉 FOLLOW me @realandready for more investing education

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[your-wealth-health]

Real wealth = humble, appreciation of life and the freedom of choice and time.

It’s the ability to do whatever you like with your time.

Rich is loud = garish, big houses, fancy cars, expensive designer clothes.

These things don’t add much but make you appear ‘successful’ or cool.

Real healthy wealth is what we’re aiming for!

Real wealth you can't really see, it is a lifestyle of having time freedom, happiness, and the ability to do what you want. So who cares if you aren't wearing that Gucci belt, you're at home with the family or doing what you want with your time.

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Follow @your.wealth.health for more.

Follow @your.wealth.health for more.

Follow @your.wealth.health for more.

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[your-wealth-health]

Yes this rule is boring, it supresses you and goes against the more enjoyable desire to splurge on the Wants, but once you get used to this habit, it'll become your new source of satisfaction and joy.

The 50/30/20 rule of thumb is a set of easy guidelines for how to plan your budget. Using them, you allocate your after-tax income to the following categories.

50% to “needs,” (Rent,

Groceries, Utilities such as electricity, water, and sewer)

30% to “wants,” (Hobbies, Holidays, Dining out, Digital and streaming services like Netflix and Disney+)

20% to your financial goals. (such as retirement contribution, saving for a house, stocks, crypto and assets)

Your percentages may need to be adjusted based on your personal circumstances.

It’s only a rule for how to plan your budget; it doesn’t actually track your budget for you. We have tools to help with tracking your budget.

How to use it:

1. Calculate your monthly income: Add up how much you receive in your bank account each month. If you have a workplace retirement plan, find out how much is withheld and add that amount back in with your take-home pay. If you pay estimated taxes, reduce your monthly income amount accordingly.

2. Calculate a spending threshold for each category: Multiply your take-home pay by 0.50 (for needs), 0.30 (for wants), and 0.20 (for financial goals) to see how much you should ideally spend in each category.

3. Plan your budget around these numbers: Think of these three categories as “buckets” that you can fill with monthly expenses. List and tally your monthly expenses under the category each falls into and see if you’re spending less than the monthly targets you established in the prior step.

4. Follow your budget: Track your expenses each month, and make changes where needed.

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Follow @your.wealth.health for more.

Follow @your.wealth.health for more.

Follow @your.wealth.health for more.

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