If you’re new to budgeting, figuring out how to manage your money each month can feel overwhelming. Not only do you need to organize, but you also have to make difficult decisions about how to spend your cash. Relying on the advice from others can help only so much, because your income and expenses are unique. Someone may be able to spend $4,000 per month on rent in Manhattan, NY, but that kind of spending may not work for you.
But there’s good news: You don’t need fancy finance apps on your phone, or complicated spreadsheets with countless spending categories to understand how much you can spend. You simply need to follow the 50-20-30 Rule.