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Needs, Needs, Savings, otherwise known as the 50-30-20 rule, is a way to budget your income that can help you gain control of your finances.
According to the Bureau of Labor Statistics, the median weekly income of workers in the US from January to March 2023 was $1,100 per week. The median refers to the middle, meaning that fifty percent of workers earn more than that amount, while the other half earn less. If we apply the 50-30-20 rule to this income, the worker will spend $550 on their needs (e.g. housing, utilities, food, transportation, childcare, etc.), $330 on their needs (e.g. , non-essential purchases ), and the remaining $220 will be saved.
Learn more about the benefits and challenges of following this financial advice.
