What is a 50 30 20 budget example?
The 50-30-20 budget example divides income into 50% for necessities like rent and groceries, 30% for discretionary expenses like dining out and entertainment, and 20% for savings and debt repayment. If you earn $1,000, you'd allocate $500 for necessities, $300 for discretionary items, and $200 for savings or paying off debt.