Rossen Reports: Stretch your budget in 2023 with the '50-30-20' rule

Yeah, we want to help you plan for the rest of the year. So what's the best way to budget right now? I've got the simple rule and some apps that can help you. Let's get started. You may have seen these numbers before. Right? 50 30 20 What does it mean? Well it's the 50 30 20 rule and it's going to help you sort of take how much you make Each month and figure out how much you can spend on different things. Nice and easy. Okay, so 50, we'll start with that No. of your monthly take home pay should go to your needs. Okay half your money should go to your needs like your mortgage or rent payments, your groceries, electric bills, things you need to do. 30%. Right? So the 50 that was 50 now 30 goes to your wants like new clothes and entertainment, the stuff you want you don't need. And 20% goes to savings and debt repayment. Here's an example, let's say your annual salary is $40,000 *** year after taxes. You take home about $2700 *** month, that's before health care and other deductions following that. 50 30 20 rule. Okay, you have as much as 1350 dollars for your needs. Okay, remember that's rent and bills about $810 for your wants and $540 for your savings. And just remember you can obviously adjust those numbers based on your bills if you still need more help. There are some budgeting tools that can really help this app right here. I love it. It's Rocket Money. It syncs your bank accounts and credit cards to help you get *** look at what you're saving and spending. You can even keep track of your subscriptions to see if you're spending money on stuff you don't even use anymore every week, email telling you how much you spent accountability in comparison two weeks before as well. That app, the Rocket Money app costs 3 to $12 *** month. But this other app is completely free. It's called Mint. It's similar to Rocket money and links your cards and your accounts as well and categorizing all your expenses so you don't have to, it separates it all into auto and transport and bills and utilities, but it can help you create your budget goals and send you alerts. If you've gone over spend too much money. I'm gonna put all of this on my website. There's *** lot of this is about accountability and we're gonna do this together this year. Rawson Reports dot com. That's all for today. Back to you Yeah, we want to help you plan for the rest of the year. So what's the best way to budget right now? I've got the simple rule and some apps that can help you. Let's get started. You may have seen these numbers before. Right? 50 30 20 What does it mean? Well it's the 50 30 20 rule and it's going to help you sort of take how much you make Each month and figure out how much you can spend on different things. Nice and easy. Okay, so 50, we'll start with that No. of your monthly take home pay should go to your needs. Okay half your money should go to your needs like your mortgage or rent payments, your groceries, electric bills, things you need to do. 30%. Right? So the 50 that was 50 now 30 goes to your wants like new clothes and entertainment, the stuff you want you don't need. And 20% goes to savings and debt repayment. Here's an example, let's say your annual salary is $40,000 *** year after taxes. You take home about $2700 *** month, that's before health care and other deductions following that. 50 30 20 rule. Okay, you have as much as 1350 dollars for your needs. Okay, remember that's rent and bills about $810 for your wants and $540 for your savings. And just remember you can obviously adjust those numbers based on your bills if you still need more help. There are some budgeting tools that can really help this app right here. I love it. It's Rocket Money. It syncs your bank accounts and credit cards to help you get *** look at what you're saving and spending. You can even keep track of your subscriptions to see if you're spending money on stuff you don't even use anymore every week, email telling you how much you spent accountability in comparison two weeks before as well. That app, the Rocket Money app costs 3 to $12 *** month. But this other app is completely free. It's called Mint. It's similar to Rocket money and links your cards and your accounts as well and categorizing all your expenses so you don't have to, it separates it all into auto and transport and bills and utilities, but it can help you create your budget goals and send you alerts. If you've gone over spend too much money. I'm gonna put all of this on my website. There's *** lot of this is about accountability and we're gonna do this together this year. Rawson Reports dot com. That's all for today. Back to you

Rossen Reports wants to help you plan for the rest of the year by providing ways to help stretch your budget. So, what's the best way to budget right now? Chief National Consumer Correspondent Jeff Rossen has the simple rule and some apps to help you get started. Watch the full report in the video player above. You might have seen these numbers before, but didn't really understand them. It's the 50-30-20 rule. Fifty percent of your monthly take-home pay goes to your "needs" like your mortgage or rent payments, your groceries, electric bills, etc. Thirty percent goes to your "wants," like new clothes and entertainment. And 20% goes to savings and debt repayment. Remember, you can adjust these numbers based on your bills, so you can put more into your needs or savings if that works better. If you still need more help, try these budgeting tools. The app Rocket Money syncs your bank accounts and credit cards to help you get a look at what you're saving and spending. You can even keep track of your subscriptions to see if you're spending money on a service you don't even use anymore. Every week, you'll get an email telling you how much you spent in comparison to two weeks before, too. The app costs $3 to $12 per month. There is another budgeting app that is free. It's called Mint. It's similar to the last one. It links your cards and accounts as well, categorizing all of your expenses so that you don't have to. It will separate it all into "Auto & Transport" and "Bills & Utilities." But it can help you create your budget goals and send you alerts if you've gone over them.

Rossen Reports wants to help you plan for the rest of the year by providing ways to help stretch your budget.

So, what's the best way to budget right now?

Chief National Consumer Correspondent Jeff Rossen has the simple rule and some apps to help you get started.

Watch the full report in the video player above.

You might have seen these numbers before, but didn't really understand them. It's the 50-30-20 rule.

Fifty percent of your monthly take-home pay goes to your "needs" like your mortgage or rent payments, your groceries, electric bills, etc.

Thirty percent goes to your "wants," like new clothes and entertainment.

And 20% goes to savings and debt repayment.

Remember, you can adjust these numbers based on your bills, so you can put more into your needs or savings if that works better.

If you still need more help, try these budgeting tools.

The app Rocket Money syncs your bank accounts and credit cards to help you get a look at what you're saving and spending. You can even keep track of your subscriptions to see if you're spending money on a service you don't even use anymore. Every week, you'll get an email telling you how much you spent in comparison to two weeks before, too. The app costs $3 to $12 per month.

There is another budgeting app that is free. It's called Mint.

It's similar to the last one. It links your cards and accounts as well, categorizing all of your expenses so that you don't have to. It will separate it all into "Auto & Transport" and "Bills & Utilities." But it can help you create your budget goals and send you alerts if you've gone over them.

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