The best budgets account for your needs, wants, and financial goals. A 50/30/20 budget might be a good place to start, allocating 50% to needs, 30% to wants, and 20% to savings goals and debt repayment.
Jaime Eckels advises starting an emergency fund with at least three to six months of living expenses. Even saving $500 can help avoid debt, with high-yield accounts offering APYs of 5% or more.
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