Simple way to manage your money:
It’s called the 60-20-20 plan – 60 per cent safety, 20 per cent savings, and 20 per cent splurging – and it’s the easiest way to manage your money.
Safety – 60 per cent
Safety means allocating 60 per cent of your take home on food and shelter. All the things you need to live safely.
If you’re like most people it will divide up something like this:
•Mortgage: 30 per cent
•Food: 15 per cent
•Mobile and broadband: 5 per cent
•Car: 10 per cent
Savings: 20 per cent
Allocate 20 per cent of your hard-earned to savings
Splurge: 20 per cent
The key is to make sure your splurges don’t drain your bank. Think about the big goals you have over the next 12 months, and chunk them down to weekly amounts.
The 60-20-20 plan
•60% Safety (all living expenses)
•20% Savings (thinking ahead)
•20% Splurge (things that make you smile)
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