Budgeting

Managing Income & Expenses

Budget. Not exactly everyone’s favorite word, right?

Let’s reframe it with something a little more approachable: the 50/5/15 Rule – a simple way to build healthy financial habits and strike the right balance between spending and saving. Try splitting your monthly income into the following categories:

• 50% – Essential Expenses: These are the non-negotiables, such as housing, food, transportation. 
• 5% – Short-Term Savings: Think of this as your emergency fund. Life throws curveballs – this cushion helps you handle them.
• 15% – Retirement Savings: Saving for retirement is saving for your future. This number includes any contributions your employer may make.
• The Rest – Lifestyle Spending: Once your essentials and savings are covered, enjoy what’s left! Travel, hobbies, dining out – it’s all part of living a fulfilling life.