The 20/30/50 budgeting rule

You’re the boss of your money, and the 20/30/50 rule puts your delegation skills to work. The overarching concept of the rule is to divide and conquer and allocate a specific percentage of your income to a particular area in your financial life. In this rule, 50% of your payment goes to necessities, 30% goes to lifestyle and 20% is set aside for long-term savings.