When you are looking for a budgeting method, there are a few different methods that you can choose. One option that you are able to choose is the 50/30/20 method. This one allows you a way to divide up your income, no matter how much or little you make, into some broad categories that make budgeting easier. With this method, you will take 50% of the income and put that towards needs, 30% towards the wants, and then the final 20% goes to your savings.
You should aim to allocate a minimum of 20% of your net income to savings and investments that will help your money grow. A good place to start is to have a minimum of three months of emergency savings on hand in case you lose your job or something happens and you are not able to pay the bills with your income for a bit. Once you have that built up, you can focus on retirement and meeting some of those other financial goals as well.
Some of the things that you can spend your money on during this category will include:
# Working to create your own emergency fund.
# making contributions to your IRA or to a mutual fund account.
# Investing in the stock market and getting ahead of the game there.
# Setting aside some funds so that you can purchase a physical property for long-term holding.
# Making some additional payments to your debts so that you can get them paid off and not have to worry about those any longer.
This is a category that is all about getting yourself ahead and making sure that you aren’t going to be buried in debt or not have enough money to make it through the month. You will have an emergency fund, a retirement fund, and maybe even some good investments when it is all done. This makes it a good option to choose and focus on. And for some people who have never spent the time saving, it can really surprise them how much they can put back for this kind of thing.
San Marcos provides a great place to call your own home. Finding apartments for rent in San Marcos can allow you to be right near everything that this town has to offer. Take the time to shop around for a few apartment units to see which one speaks to you the most, providing affordable rent, good amenities, and the location that you need. Come and check out some of our apartments today to see what we have to offer.
