Get good with money by applying the 50:30:20 rule
Say hello to good money habits
Managing money is like learning how to ride a bike. It might seem hard at first but once you master it, it can take you to great places! The 50:30:20 rule can be your training wheels to guide you to handling money better.
What's the 50:30:20 rule?
Use the 50:30:20 as the game plan on how to split your money. Here's a breakdown:
Needs - 50%: These are for things you must have to survive – like food for your belly, a home to live in, and a way to get to work or school. You should also include your minimum debt payments here.
Wants - 30%: These are for fun stuff. For example, holidays, fancy meals, or gadgets, and should be less than the money for needs.
Savings and additional debts - 20%: These are money you put away for the future or use it to pay off debts like money you might owe on a credit card.
Why use the 50:30:20 rule?
It's easy to understand and flexible so you can change it to fit your life. It helps you balance your money between what you need, what you want, and how much to save for the future.
Let's put the 50:30:20 rule to work
1. Determine your income: Figure out how much money you make. This includes your wages, bonus, allowances, and any other money you receive. 
2. Calculate your expenses: Write down how much money you spend. This includes all your bills, groceries, fun stuff, and other costs.
3. Split your money: Now, apply the 50:30:20 rule and divvy up your money.
4. Adjust your spending: Look at how you spend your money. If you're spending too much on "wants," you might need to cut back. This will help your spending match the 50:30:20 plan.
Remember, it's okay to make changes to fit your lifestyle. This plan is to help you manage your money better. With these steps and the help of GO+ and GOinvest, you're well on your way to mastering your finances! The more you practice good money habits, the better you'll get!
Also read: Touch ‘n Go Launches Digital Investment Platform GoInvest
