The 50-30-20 Budget Rule: A Simple Way to Save Money

The 50-30-20 budget rule keeps budgeting simple. You'll prioritize savings while paying off debt.

The 50-30-20 Budgeting rule.
(Image credit: Getty Images)

Looking for a straightforward budget that helps you save money and more effectively manage your finances? Consider the 50-30-20 budget rule. This budgeting tactic is a great first step for anyone looking to better manage their money. It keeps things simple while helping you prioritize saving and paying off debt.  

Using the 50-30-20 rule can help you determine exactly where your money is going each month, which in turn helps you make changes in your spending. Here's what you need to know about the 50-30-20 budget rule. 

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.