What Is the 50/20/30 Budget Rule?

Senator Elizabeth Warren popularized the so-called “50/20/30 budget rule” (sometimes labeled “50-30-20”) in her book, All Your Worth: The Ultimate Lifetime Money Plan. The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings. Here, we briefly profile this easy-to-follow budgeting plan.   KEY TAKEAWAYS The[…]

Student loan payments resume in May. Here are 7 ways to prepare

A little more than three months. That’s how much time is left before about 41 million federal student loan borrowers have to start making loan payments again. The federal government froze student loan payments at the beginning of the coronavirus pandemic, and it has extended that freeze several times since, most recently right before Christmas. The[…]

15 Practical Budgeting Tips

It’s the dreaded B-word—budgeting. Unfortunately, the word budget has gotten a bad rap. When it all boils down, a budget is just a plan for your money. Budgeting means you’re spending with purpose before the month begins. Unfortunately, many people view a budget as a straitjacket that will keep them from doing what they want. But that couldn’t be further from[…]

Back to School Shopping Budget

Before sending your kids back to the classroom with sharpened pencils and brown-bag lunches, take a look at these tips for creating and sticking to a back-to-school budget.   Plan it out. Before you start shopping for school supplies, figure out how much you can spend. Don’t leave anything out — it’s better to know[…]