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Started By
Message
50/30/20 rule
Posted on 8/17/18 at 8:27 am
Posted on 8/17/18 at 8:27 am
Does anyone try and use this rule? I have slowly been slowly trying to make my way towards it.
9
Posted on 8/17/18 at 9:02 am to al_cajun
I stopped reading about it when I saw Pocahontas came up with that term.
Posted on 8/17/18 at 11:43 am to bogart
So this is a bad rule to follow? Trying to get some good ideas on what number to shoot for in savings
Posted on 8/17/18 at 11:46 am to al_cajun
30% want is a high imo
Eta: well I guess adding things like vacation, that's not ridiculous
Eta: well I guess adding things like vacation, that's not ridiculous
This post was edited on 8/17/18 at 11:49 am
Posted on 8/17/18 at 11:54 am to al_cajun
It's a good rule but for us the 30% on needs is a little high. We follow more of a 50/20/30. I include our extra payment on the mortgage in that 30% because it is essentially savings.
Posted on 8/17/18 at 12:12 pm to al_cajun
I save like 23% of gross and anything after that is mine to spend (and give to Uncle Sam)
-_-
-_-
Posted on 8/18/18 at 12:14 pm to jimbeam
quote:
I save like 23% of gross
Yeah, I think this is the sweet spot for tax advantaged accounts - I just happen to be right at 23%, too.
Posted on 8/18/18 at 12:55 pm to al_cajun
I do, I've gotten to 40-25-35 over the years.
Posted on 8/18/18 at 9:59 pm to al_cajun
I am actually becoming over committed to savings. Company was acquired and the options to invest more (deferred comp + stock purchase plan) are just too good to pass up. I need to find ways to generate more income and cash flow. Would say I am 50/15/35
Posted on 8/20/18 at 12:45 pm to al_cajun
Can y'all elaborate on this rule? What is it?
Posted on 8/20/18 at 1:06 pm to LSUengineer12
Needs/wants/savings by percentage
I consider wants to also include incremental costs above necessity. Ie- $500/month car when $300 would suffice sends $200 to wants and $300 to needs
I consider wants to also include incremental costs above necessity. Ie- $500/month car when $300 would suffice sends $200 to wants and $300 to needs
This post was edited on 8/20/18 at 1:08 pm
Posted on 8/22/18 at 5:38 am to al_cajun
Depends on goals, financial independence was high on my list . If so, savings gets maxed and moved into the number one spot. The needs of housing, food, and transportation should be minimized and subservient to number one to avoid lifestyle creep. Only when these are in place and for entertainment purposes only should percentages be calculated.
Posted on 8/22/18 at 8:49 pm to LSUengineer12
I had to Google it. 50% on needs, 30% on wants, 20% in savings
Does eating out count as needs or wants?
Does eating out count as needs or wants?
Posted on 8/23/18 at 3:51 pm to TheWalrus
Do you need to eat out? lol
It's a want.
It's a want.
Posted on 8/23/18 at 5:37 pm to TheWalrus
Money is only one reason not to eat out and possibly a minor one. Eating out should be reserved for enjoying company or when take a break from home fare.
This post was edited on 8/23/18 at 5:39 pm
Posted on 8/24/18 at 5:55 pm to al_cajun
No.
I always aim
To put over 50% away.
I always aim
To put over 50% away.
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