HOW TO SPEND YOUR PAY CHEQUE

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).