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Money suggestions: Easy methods to create a budget you may stick with using the 50-30-20 rule | Personal Finance | Finance

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To execute the rule, Alice Haine, personal finance analyst at Bestinvest, said: “It could actually be so simple as writing down your outgoings on a bit of paper in order that exactly how much money you’ll want to pay your vital bills every month.

“Include the ‘must-have payments’ comparable to rent or mortgage costs, utility bills, council tax, insurance and food, automobile payments, commuting to work costs, phone and broadband, saving and investments, and so forth.

“Then add within the ‘like-to-have payments’ comparable to going out, gadgets, holidays, subscriptions to streaming services or gym memberships. Add all of it together and see how much you spend every month.”

Next, Ms Haine suggests people to deduct the figure from their net income (the quantity they take home every month after paying taxes). This quickly reveals whether an individual is spending inside their means.

READ MORE: Woman uses easy saving tip which helps her ‘save tons of’

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