Does the 50/30/20 rule really work for budgeting?
Or should you be doing something different? Let's talk about it!
Before we dive into that, did you know the doors to The Money Wit Club are now open—but only for 3 days?
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Here’s what we’re unpacking today: Does the 50/30/20 rule really work?
You’ve probably heard the popular budgeting guideline:
50% of your income for needs
30% for wants
20% for saving & investing
It’s simple and easy to remember. But in almost 20 years of working in finance, here’s what I’ve learned—it doesn’t work for everyone.
Because personal finance is personal.
Some of us have extra responsibilities. Others have unique goals or inconsistent income. Applying a one-size-fits-all rule without tailoring it to your life can lead to frustration.
Here’s what you should do instead:
Define your real needs and wants – What do you actually need to survive and thrive? Don't just follow a generic formula. Look at your own life and obligations. Basic needs include food, shelter, and utilities, but do you really need new clothes every month? Define it for yourself.
Prioritize saving first – Even if it’s 5-10% of your income. You’re building a habit, not chasing perfection. A great approach is to pay yourself first by setting aside savings before spending on anything else.
Adjust the formula to fit your reality – Your budget should reflect your values and financial goals—not just a popular rule.
The key is to build a system that works for you while ensuring you’re putting money aside for the future.
Remember, the income you earn from age 20-60 has to sustain you beyond retirement. So, if you’re not saving and investing consistently, you might be in trouble later.
Want support building a system that works for you? That’s exactly why we created The Money Wit Club.
Join now before the doors close this weekend.
How’s our book of the month going for you?
Have you been reading our book of the month? If not, here is your reminder!
As the book says: “Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment.”
Translation? Make your money work for you. Save intentionally, spend wisely, and invest where it can grow, not just sit idle. Want to explore more of these timeless lessons?
Get the Book Here ASAP so we can talk more about it.
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Inside The Club
Behavioural finance lessons from Tech projects and what it has taught ME about money.
Our Fireside chat is happening today in the community!
Toyin Arowolo, one of our community members will be sharing her in-depth experience on Behavioural finance lessons from Tech projects and what it has taught her about money.
Want access to all these insights? Click here to join the community.
The Money Wit Club is open for the next three days!
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What’s happening inside the club?
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Until next week,
Oler.