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How To Spend Money When You Are In Your 20s – 40s? 🤔

I have a very simple structure to it. It is broken down into the 50/20/30 rule, which is:

📌AT LEAST 20% - should go towards a Financial Foundation. This mean, life insurance, emergency funds, retirement fund, child savings accounts and any other form of UNTOUCHABLE long-term savings. This is because that money is for your future. It's your fallback money, money you never touch, till you reach of an age where you cannot work anymore, and this is the money that you fall back on.

📌NO MORE THAN 50% - of your earnings should be going towards your BASIC NEEDS. These are your essential expenses which are your rent, utility bills, groceries, etc.

📌THE REMAINING 30% - is for the expenses you choose, to create comfort and enjoyment in your life.

Once you start living with this rule where you force yourself to spend the 80% you will reach a point in life where you believe you WILL NOT be able to spend any more of it. And that's when your saving ratio will increase.

Remember, a penny saved is a penny earned! So budget yourself, do the mathematics and start saving AT LEAST 20% of whatever you earn from now to have a better future. Or else you’re certainly heading for trouble or even worse, it’s sad to say that you’re already up the creek without a paddle…

Speak to a Financial Advisor today to know more about how you can put 20% of your savings towards a Financial Foundation smartly! 💯

If you are a financial advisor reading this: Please share this with your clients and friends who you think should be aware of this.

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