To help you feel more in control of your money, consider a simple budgeting plan.
An easy starting point is the 50/30/20 rule.
Allocate about 50% of your income to needs such as housing and groceries, 30% to wants - like dining out and streaming services and 20% to saving or paying down debt.
It’s a framework you can adjust as your life changes.
If you’re not sure where your money goes, just observe for a few months.
Check your accounts without judgment, noting money coming in and going out.
Then, take small steps.
Even 15 minutes a week reviewing your spending can make the process feel less daunting.
Budgeting apps can help, whether you prefer automatic tracking or a more hands-on approach.
To stay on track, substituting or reducing expenses, creating more income as needed, or adding a small cushion for unexpected expenses can help.
Simple steps can make budgeting feel more manageable, and you can better align your money with what really matters.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
