You have been working at company for over six months and are still having problems saving money. What could you do to increase your savings? How did the advice from Saving and Budgeting apply to your plan?

Question

Andre Bernard

Business

3 October, 07:39

You have been working at company for over six months and are still having problems saving money. What could you do to increase your savings? How did the advice from Saving and Budgeting apply to your plan?

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Answers (1)

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Paityn Carney · Answer 1

I took advice from Saving and Budgeting and implemented the 50-20-30 rule.

Explanation:

The rule is as follows:

Spend 50% of your income on the necessities, such as paying for rent, food, mortgage etc

Using 20% of your income to either pay of debt or if you have no debt, deposit it in a savings account

Use the remaining 30% for 'discretionary' pending inducing socializing, a travelling or some hobbies.

I personally did not have any debt so I was able to save a lot of money by putting away 20% of my income. Of course, this meant, I had little left for luxuries, but the rule forced me to live a more disciplined life.