How to budget

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The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. Here’s how you can do it. 

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You’ve crunched the numbers. You know how much you spend and you have created a budget. You know how much money you need to pay your mortgage, utilities, retirement accounts, as well as your occasional night out. But how does your financial allocation compare to the amount you should ideally spend and save? 

Budgeting is a cornerstone habit for building wealth. One approach to creating a budget is the 50/20/30 rule. It is an intuitive way to budget that doesn’t involve detailed budgeting categories. The simple budgeting strategy aims to help people reach their financial goals without the fuss of an overly complicated plan. 

In this article, we learn about this method and how to apply it to your finances. 

Understanding the 50/30/20 budget plan 

The 50/30/20 budget rule came from the book All Your Worth: The Ultimate Lifetime Money Plan, written in 2005 by Elizabeth Warren and her daughter, Amelia Warren Tyagi. Based on over 20 years of research, they introduced this rule to prove that you don’t need to follow a complicated budget to keep your finances in check.  

Under this rule, all you need to do is balance your money across three categories of expenses: your needs, wants and savings goals. The easy-to-follow rule allows you to spend less time detailing your finances and the opportunity to focus on the bigger picture.  

Here’s what your budget looks like when using the 50/30/20 rule: 

Use 50 per cent of your money on your needs 

According to this rule, half of your after-tax income should be spent on your needs and obligations. Simply put, needs are expenses that you can’t avoid and are necessary for survival.  Needs include rent, electricity and gas bills, transportation, insurance, food and minimum loan repayments. 

While this budget may vary from one person to another, if your overall needs expenses are significantly higher than 50 per cent of your after-tax income, the authors suggested making changes that could help you get it under half of your take-home income. For example, looking for a smaller yet more affordable apartment.  

Spend 30 per cent of your cash on wants 

Your wants consist of things that make your life more enjoyable but are not considered as necessities. This includes dining out, your morning coffee runs and other expenses on entertainment, such as concerts, brunches and watching movies in cinemas. According to the Warrens, 30 percent of your income can be spent on things that you choose to spend your money on, although you could live without them if you had to. Non-essential expenses include clothes shopping, holidays, gym membership and groceries that are not essential (junk food, skin care items etc).

This category also includes the upgrade decisions you make. For example, choosing a more expensive gym membership, buying a more expensive brand of clothing instead of a more economical one. Basically, wants are those little extras you spend money on that make life more enjoyable and entertaining. 

If you are spending more than 30 per cent of your income on these things, you will have to either downsize your lifestyle or cut down on wants. Anything in the wants bucket is optional if you boil it down. You can pass up on night outs, cook at home instead of dining out or take public transportation to work. 

Stash 20 per cent to savings 

Finally, allocate 20 per cent of your net income to your savings and investments. This includes adding money to an emergency fund and any investments you have (bonds, stocks, mutual funds). 

Your savings include any and all savings you are setting aside, such as your emergency fund, extra repayments and goal savings. It’s recommended that you have at least three months of emergency savings on hand if you lose your income or an unforeseen event happens. After you build up your emergency fund, focus on increasing your retirement savings and achieving other financial goals, such as saving for a house downpayment. 

You can think of this category as your “get ahead” category. You can pay off debt much quicker and you can make significant strides toward a financially secure future by devoting a certain amount of your income into this category. 

The term “retirement” might not carry a sense of urgency when you’re only 24 years old, but it certainly will become more pressing in decades to come. Just keep in mind that the advantage of starting early is you will earn compounding interest the longer you let this fund grow.

How to create a 50/30/20 budget 

You can create a simple 50/30/20 budgeting plan in five easy steps:

 Step 1: Calculate your after-tax income 

To figure out the amount for each category, you’ll need to first figure out your after-tax income. And it can’t be any easier. Start with your take-home pay on your paycheck and add back deductions that aren’t taxes. It may include things such as health insurance and superannuation contributions. If you’re self-employed, your after-tax income will be equal to your gross income minus your business expenses. 

 Once you have your after-tax income, allot 50 per cent of the number for your needs spending, 30 per cent for your wants spending and 20 per cent for debt or savings expenditures. 

Step 2: Allocate your money

After identifying the amount you are working with, start recording your 50/30/20 split. The first step is to take out your 50 per cent for your needs. During this process, you must differentiate what your needs and wants are. Remember to set aside 20 per cent for your savings. Be realistic with your budget. If you’re a beginner with budgeting, give yourself room for flexible spending. 

 Step 3:  Hold yourself accountable

Keep yourself responsible by recording your spending. You can track your spending by writing it down in a notebook, using a budgeting app or creating your customised budgeting spreadsheet to keep an eye on your totals as the month progresses. This will also help you see where your money is going and what expenses you can cut down on. 

 Step 4: Automate your payments and savings 

To minimise your effort, automate your bank transfers to your savings account. These days, most utilities make it easy to set up automated payments through your online account. You can choose to activate the function or have it set up. 

Step 5:  Review your budget

Over time, your income, expenses and prioritise will change. So, don’t forget to adjust your budget accordingly to move with these changes. You may need to increase your allocation for needs upon buying a new house or having a child, or you may lessen your wants if you’ve become more accustomed to economical choices. The most important thing is to always keep a budgeting system in place. 

Is the 50/30/20 rule right for you?

The 50/30/20 rule can be a realistic and easy budgeting strategy for some people. However, whether it is the right one for you depends on your personal circumstances.

For some people, the lack of details can be problematic. The vagueness of each category makes it all too easy to hide bad spending habits and make unnecessary purchases just because you can. For others, the lack of structure makes it more difficult for them to find ways to improve their spending habits. 

Finally, the 50/30/20 budgeting method is not considered as a long-term way to manage your finances. Because it doesn’t prioritise your savings, this method is considered unsustainable. If you want to retire comfortably someday, you’ll need to boost your savings rate.

But the 50/30/20 budgeting method is not all bad. If you’re a rookie when it comes to budgeting, this rule can be a great stepping stone. It’s also important to realise that there are other budgeting solutions to try, especially if you have specific financial goals in mind.

Want to learn more about budgeting? Explore nestegg today!

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The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. Here’s how you can do it. 

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["alias"]=> string(27) "all-i-want-or-need-for-xmas" ["introtext"]=> string(326) "

The lead-up to Christmas and the holiday period, while full of joy, can also have a significant impact on financial and holistic wellness.

Write comment (0 Comments) " ["fulltext"]=> string(4064) "

I would like a dollar for every time I have heard “2020 has been a year full of uncertainties and one that we will not forget”. While true, it is a journey we are still navigating. What the extra time has provided is a unique opportunity to reflect on what is important to us and our families. Many of us have even benefited through spending some extra time with our loved ones.

For many during the last six months, we have been restricted to focus on what we need rather than what we want. Less eating out, less time in the shops and less travel just to name a few. Research supports that many Australian households are more financially stressed and have used safety nets to make it through.

The danger for many households over the next couple of months is that with less restrictions, we may begin to overcompensate and reward ourselves with larger wants and thus, overspend. Retailers who are recovering have fine-tuned the nudging of us to purchase now. We continue to be conditioned to spend and there is no shortage of pay later options available which in return only adds to the temptation. Come February/March, there will be a price to pay for this that will cause many hardship.

It is a time where many of us catch up with our friends and family and recharge the batteries which has a positive impact on many elements of our wellness. However, this still has its own costs financially.

The good news is that it is not too late to manage through this challenging period in terms of spending. As part of the ongoing financial education workshops we deliver in workplaces, it has been evident that with a few basic principles and a little guidance people can achieve significant improvements financially.

While the below steps may sound simple, it does require focus and the ability for individuals and families to understand what is most important to them.

10 tips to improve your financial wellness during the festive period

1. Focus on time with family and friends, not the materialistic gift itself. Our time is the most valuable gift we can give to others.
2. Go to your existing bank if you have a loan and ask for a better rate. Better in your pocket than the banks.
3. Look at group membership discounts you may be entitled. Quite often you can get up to 10 per cent off common gift cards that are purchased for gifts.
4. When spending time with family and friends, focus on activities/venues where you can have fun but limit the cost. For example, take advantage of the parks and beaches that we are blessed with in Australia.
5. Have a set budget to limit spending during this period. You can then manage this by tracking your spending.
6. For the creative spirits – personalise a handmade gift. It has so much meaning when people know you have dedicated time and effort for them.
7. Consider extending an invitation at your table to someone who may be spending the period alone or make a small charitable donation to ease the burden for someone else.
8. Pool resources between families and friends by sharing the cost that comes with family events. Work together and agree what each person’s contribution will be.
9. For the large families – pool resources where there are many family members in terms of gifts. For example, one gift per child rather than each family purchasing individual gifts for everyone. Secret Santa between families is a great way of doing this.
10. Review what you don’t use or don’t need and sell it to generate some additional cash. 

There are many more practical things that you can do to manage your money and keeping the stress that comes with this time of year to a manageable level. For employers that are focused on wellness programs for their staff, there is a fantastic opportunity for you to incorporate programs into your workplace pre and post-Christmas. 

Author: Darren Smith – Financial Advice Matters

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The lead-up to Christmas and the holiday period, while full of joy, can also have a significant impact on financial and holistic wellness.

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As your income has increased over time, you may have expected to have more cash flow and savings. What you may have found, however, is that the higher your income is, the more you’re spending. This is known as lifestyle inflation.

Write comment (0 Comments) " ["fulltext"]=> string(3736) "

Once you can afford nicer things, like overseas holidays, Uber instead of public transport, or nice restaurants, you’re more likely to spend money on those things. Your lifestyle adjusts with your income, often leaving you in much the same financial position as you were when you were earning less. 

So, how can you build wealth if you’re experiencing lifestyle inflation?

Set a goal

Start by establishing a goal so you know what you’re working towards. Saving for saving’s sake is unlikely to be successful. Are you trying to save for a home deposit? Investment property? To start a business? Once you know where the money will go and how much you will need to save, you will then have greater enthusiasm to put money away. 

Start early 

Don’t put off creating a wealth strategy. The sooner you start working towards building wealth, the easier it will be. It’s easier to save money before you have other financial obligations such as children, a mortgage or the costs of schooling, and having a solid base behind you once you face these financial obligations will take a lot of the pressure off. 

Starting earlier will also give you a longer period of time for your investments to grow. For example, if you had purchased a home in Sydney in 2010, the median house price was $624,000. Eight years on, the median house price has increased to $1,150,357. Those that invested in 2010 now have the benefit of extensive capital growth, whereas those who have held off will now need to pay substantially more to get into the market. 

Commit to one hard year 

A good approach is to commit to one hard year of saving and living frugally. This will allow you to save as much as possible, without feeling like you’ve compromised your lifestyle completely. You’d be surprised how quickly a year will pass and how much savings you will have to show for it. 

For example, assuming you will need to put down a 10 per cent deposit to purchase a $500,000 investment property, you will need to save roughly $70,000 to cover a deposit, solicitor fees and stamp duty. For many couples, saving $70,000 in a year is doable if they cut their spending for just 12 months. Without setting a goal of saving that deposit in a year, a lack of focus and the temptation to spend could derail any savings goals and unnecessarily lengthen the time it takes to save the deposit to several more years. 

Knowing that once you get through that one tough year you’ll have the freedom to spend on something you want, like a holiday, will be motivating. By that point, you’ll be in a position to spend again as you will have a solid financial base under your belt. Even if you don’t save much at all in the following years, having an investment, such as a property, working away in the background means you can still be progressing financially during this period.

If you’re stuck in a cycle of lifestyle inflation, the good news is that you can still build wealth without losing your lifestyle. By making some sacrifices early on and for a short time only, you can build wealth while still living the lifestyle you want to live long term. 

David Hancock is a director and senior financial planner at Montara Wealth.

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As your income has increased over time, you may have expected to have more cash flow and savings. What you may have found, however, is that the higher your income is, the more you’re spending. This is known as lifestyle inflation.

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Day-to-day life is in no way normal this year, but leaning on lessons from the past is a great way to better equip ourselves for months more of uncertainty, according to a financial planner.

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In conversation with nestegg, Nick Jackson, a certified financial planner with Flinders Wealth, said that during a pandemic, “the tried and tested lessons you probably heard from your grandparents still ring true”.

“Spend less than you earn, have a buffer for a rainy day, [and] borrow less than you can afford,” he advised.

“These things might sound cliched, but when an event like COVID happens, if you’ve built in these shock absorbers to your finances, you can not only survive, but thrive.”

According to the financial planner, when we stretch ourselves financially, periods like this “highlight very quickly how fragile your position can become”.

“You want some fat or cushion to allow you to come through to the other side,” Mr Jackson said.

While COVID-19 is “unprecedented”, he commented that we will have to confront other financial and economic shocks in the future – reminding nestegg that “rainy days do happen”.

He emphasised the importance of staying disciplined, especially where an income has taken a hit or stopped completely.

“In this situation, what you can control are your expenses – look at cutting costs, try getting better deals with service providers and speak to your bank about lowering your interest rates on any loans or debt.”

He recommended being proactive “where possible”.

Even if your income is unscathed, “you still need to remain disciplined – we may not be able to go to the pub, but our Uber Eats bills and online shopping habit might be going through the roof”.

In the midst of so many restrictions on our day-to-day life, now is the perfect time to “better understand where our money has been going”, the financial planner considered.

“How much of our cash goes to non-discretionary expenses versus discretionary?” he queried.

Acknowledging that no one likes doing a budget, Mr Jackson did consider it as “important to understand your spending habits”. 

“Bank accounts are pretty good these days [at] showing you a breakdown of your spending – compare a recent monthly statement during lockdown to one from six months ago,” he advised.

“Maybe there are some permanent spending changes you can make to help you save or redirect to items or experiences you value more than others.”

Mr Jackson went on to note that for those who have maintained their job or earning capacity, “this could be a great opportunity to get ahead and set some money aside – build that cash buffer, extra mortgage repayments, maybe start saving for that dream holiday… One day in the future!”

“Reach out to a financial planner or even a financial counsellor – get some help consolidating debts, budgeting – [they can also] explain options or benefits that you may be entitled to and act as support as you work to get yourself back on your feet.”

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Australia may be firmly planted within a recession, but with the advent of a new financial year, there’s still plenty to be gained from a “new year, new me” approach when it comes to money.

Write comment (0 Comments) " ["fulltext"]=> string(3440) "

MyState Bank has revealed a number of ways Australians can get ahead in the 2020-21 financial year, despite the recent hiccups from COVID-19.

Here are five of the bank’s top tips:

1. Pay down any high-interest-accruing outstanding debt

Whether it’s an outstanding credit card balance or a personal loan debt, MyState Bank has outlined how it’s “crucial” to create some breathing room in your monthly budget.

Not having huge debts can also provide you with some peace of mind if you are worried about the current job market.

2. Reprioritise your savings goals

Especially given international travel is off the table, the new financial year could be the perfect time for you to re-examine your spending priorities.

Maybe that money that was penned in for travel could now go towards a longer-term goal? Or help you to boost your emergency savings fund?

3. Swap out a gym buddy for a ‘financial’ buddy

According to MyState Bank, more than four in 10 Australians are cutting back on gym memberships and associated costs after isolation prevented them from actually going to the gym for several months.

It suggested that Australians could refocus their exercise energy into the conquering of financial goals.

You can start this process by having a frank conversation with a close and trusted friend who will motivate you and keep you on track while you work towards hitting your financial benchmark.

Of course, you can do the same for your friends, too!

4. Keep the good financial habits of COVID-19

MyState Bank general manager of customer experience, Heather McGovern, said, “For many Australians, the introduction of social distancing measures has been an opportunity to save more than ever before on expenses from public transport to dining out at restaurants.”

With research indicating Australians are likely to prolong their savvier spending habits seen throughout COVID-19 long after the pandemic ends, MyState Bank is encouraging of such attitudes.

It touted the benefits of having more dinners at home and spending time outside as opposed to at the gym or shops.

5. Live within your means

MyState Bank reminded everyone that Australia is in a recession.

Do a financial audit to separate your wants from your needs – this should help you to work out where you can or should cut back on spending.

Don’t leave out any expenses from such a review as there are often real savings to be made that will have little to no impact on your everyday life.

---

Did you enjoy this article? You may also be interested in:

• How to safeguard your finances through the pandemic 
• Here’s how Gen Z is changing the finance game 
• 9 tips to stop the credit card cripple

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Australia may be firmly planted within a recession, but with the advent of a new financial year, there’s still plenty to be gained from a “new year, new me” approach when it comes to money.

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["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(77) "/save-money/how-to-budget/5-ways-to-improve-your-finances-this-financial-year" ["image"]=> string(29) "/images/basic/default-new.jpg" ["image_alt"]=> string(13) "default image" } [5]=> object(stdClass)#6083 (56) { ["id"]=> string(5) "15359" ["title"]=> string(47) "Here’s how Gen Z is changing the finance game" ["alias"]=> string(45) "here-s-how-gen-z-is-changing-the-finance-game" ["introtext"]=> string(384) "

Generation Zers – those born between 1995 and 2012 – are leading the way when it comes to money responsibility and a more flexible view of finance, according to new research.

Write comment (0 Comments) " ["fulltext"]=> string(2717) "

Afterpay has released the Global Gen Z Report: Financial Feels, which has revealed a generation that’s both cautious about their spending habits and reluctant to commit when it comes to credit.

The findings highlighted a generation that rejects overt displays of wealth or wealth hoarding.

“Instead, they are focused on being financially in control,” it reported.

One of the key takeaways from the report: “For Gen Z, finance is no longer regarded as a constraint that needs to be overcome, but as a lifestyle enabler that needs to be attended to in a proactive manner.”

These characteristics are due, in part, to the generation being raised in the aftermath of the 2008 global financial crisis.

It’s a stance that has now been firmly cemented in this generation due to the impacts of COVID-19.

Afterpay co-founder Nick Molnar said Generation Zers are “a generation who has a firm grasp of the role finance plays in their lives”.

“Gen Z Aussies are emerging as a self-motivated generation that pay, play and save differently from the Millennials that came before them,” he continued.  

According to AfterPay’s report, 94 per cent of its Gen Z customers use their own money when making purchases using the payment method.

They are far less likely to have credit cards or long-term credit options, preferring to monitor their money in real time.

It also revealed an emphasis on “financial wellness” in the age group, having embraced apps and services that lead them to feel confident and calm in their spending choices.

This attitude has filtered through to their use of stop-anytime subscriptions.

The report found that Gen Z individuals “like to maximise flexibility within their lifestyles”.

“The ability to turn on and off commitments in their life is paramount and leads to a generation who prefer to lease, rent and share so they have the financial freedom to spend their money on what’s most important to them without being tied down,” it stated.

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• 9 tips to stop the credit card cripple

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Generation Zers – those born between 1995 and 2012 – are leading the way when it comes to money responsibility and a more flexible view of finance, according to new research.

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