With cost-of-living pressures continuing to bite, many of us are looking at how we can make every dollar stretch a little bit further.
12 October 2023
With cost-of-living pressures continuing to bite, many of us are looking at how we can make every dollar stretch a little bit further.
The 50-30-20 breakdown has long been a popular rule of thumb for budgeting – dividing up your income as 50% on the essential needs (things like your loan repayments, food, transport, and utilities; 30% on non-essentials (gym memberships, streaming service subscriptions, dining out) and 20% on savings (for unexpected bills, future goals, retirement planning).
Rising costs mean essentials might now be costing more, but the 50-30-20 rule remains a valid goal. Here are a few things to consider that may help you make the most of your income and fight the cost-of-living blues: