50/20/30 Budgeting Rule

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If you are in the process of saving for a home or condo in downtown San Diego but not quite sure how to start budgeting your income to meet the area’s high-cost of living, you can follow a very simple budgeting technique called the 50/20/30 rule. The rule states that you should spend 50 percent of your income on expenses and absolute necessities, 20 percent of your income should go toward your savings or financial goals and thirty percent of your income should go toward flexible spending, otherwise known as your personal spending habits. One of the biggest keys to the success of the 50/20/30 budgeting rule is preserving the 30 percent side of the equation. Financial experts refer to this side of the equation as the discretionary spending

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