Basic budgeting tips to better manage your finances 87% of people report that budgeting helps them stay out of debt Published: Dec. 28, 2023 at 2:02 PM CST|Updated: 4 hours ago (InvestigateTV) — [Consumer.gov](http://consumer.gov/) recommends those who are looking to better manage their money in the new year to start by [making a simple budget.](https://consumer.gov/managing-your-money/making-budget) You can do so by first writing down all your monthly expenses to get a good picture of where the money goes. Once your monthly needs are known, you can then choose a straightforward plan to stay on track. One popular plan is called the 50/30/20 budget. It makes room for both needs and wants and is simple to understand and implement: – 50% of take-home pay covers needs like housing and groceries – 30% covers wants, like dining and travel – 20% covers savings and debt repayment With this plan, [consumers know where their money is going plus it allows for a little fun.](https://www.bankrate.com/banking/what-is-the-50-30-20-rule/#thirty) Any monies unspent or received unexpectedly, like a gift or a bonus, can be funneled into savings and investments. Copyright 2023 Gray Media Group, Inc. All rights reserved.
