The 70-20-10 budgeting rule suggests spending 70% of income on needs, 20% on savings, and 10% on wants, accommodating rising living costs effectively.
Christine Devane, CEO of Brightfin, notes, 'With recent inflationary pressures, we've seen the 60/30/10 or 70/20/10 breakdown become more popular as costs of living rise.'
As I experimented with the 70-20-10 rule, I discovered that assessing needs versus wants is essential for maintaining financial control in today's economy.
This budgeting method offers a practical approach to budgeting amid rising costs and provides flexibility for personal financial goals.
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