Having a household budget can help you stay on top of bills, pay off debt, save for retirement, and achieve other long- and short-term financial goals. But there are many ways to go about it.
One popular budgeting option is to follow the 50/30/20 rule, which requires you to allot a designated portion of your earnings to savings, wants, and needs. This method is also called “the balanced money formula,” as it can help you strike a healthy balance between saving and spending.
