What is the 50 20 30 budget rule?

50-20-30 rule is a famous technique for money management. According to which you need to divide your income into three portions which are as follows:

  • 50% of your salary goes to essentials like bills, rents, etc.
  • You should put 20% of your salary into your savings account
  • You can spend 30% of your salary as per your liking

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