(InvestigateTV) — Consumer.gov recommends those who are looking to better manage their money in the new year to start by making a simple 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.
Any monies unspent or received unexpectedly, like a gift or a bonus, can be funneled into savings and investments.
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