If you’re new to budgeting and are looking for a quick way to “budget” then the 50/30/20 is the easy way to get started. “What makes it easy?” I hear you ask. Well, all you need is some basic math skills and you’re good to go. Here’s the step by step process of how it works: Work out how much money you receive from your pay (this will be the amount that hits your bank account every pay, otherwise known as your after tax income).
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