HOW TO SPEND YOUR PAY CHEQUE

Fashion Quarterly - - Life -

The 50/20/30 rule is one of the sim­plest ways to en­sure you don’t squan­der your en­tire pay on mo­ji­tos. It comes from US demo­cratic se­na­tor El­iz­a­beth Warren, an ex­pert in per­sonal fi­nance. The rules says 50 per­cent of your in­come should go to liv­ing ex­penses (rent, gro­ceries etc), 20 per­cent to fi­nan­cial goals (such as sav­ings), and 30 per­cent to non-es­sen­tials (like travel or din­ners out).

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