Budgeting Basics

Wht do you think are the biggest expenses for an adult? Have you ever heard of the 50/30/20 rule?

50% Needs (rent, food, transportation, bills)
30% Wants (entertainment, shopping, travel)
20% Savings/Debt Repayment

Let's say you are a 22-year-old with a job that pays $2,500 per month. Your goal is to create a budget that covers all of the expenses while saving for the future. Budget for the following:
Fixed expenses: Rent, utilities, transportation, groceries, insurance, phone/Internet
Variable expenses: Entertainment, shopping, eating out, emergency fund, loan repayments

Allocate your money to the diferent categories. Decide how much to spend vs. save. Consider unexpected costs, such as medical bills, car repairs.

Share your budget and explain: What was hardest to budget for? What surprised uo about budgeting?