There are a few different types of budgeting methods that you can choose based on what works for you. Some are better for helping you curb your spending habits, like the envelop system, and others are better if you need to start putting some money away in savings, like the pay yourself first method. One budgeting technique that is often successful and can help you get ahead is the 50/30/20 budgeting method.

This budgeting plan is going to work no matter what your current income is at the time. You can also make some adjustments as your income goes up over time or change a few of the percentages if you have a lot of debts that you need to pay off. To follow this plan, you will simply take your income and split it up the following way:

# Fifty percent will be the money used for the necessities. This can be your utilities, your renter’s insurance, and the money you pay on your current apartment. If you are still living at home, your monthly needs are probably not as high, but start putting money away for the apartment so it isn’t such a big shock to your system.

# Thirty percent is going to be the money that you put to those wants. They are the things that you want and can make life more enjoyable, but they aren’t necessary and you could cut them out if you were low on money for the month and needed some extra cash. Things like dining out or your streaming services would count here.

# Twenty percent: This is the final amount and you need to set it up to be automatically put into savings. This will help you to reach your savings goal. You can add the money to an emergency fund, put it into your retirement account, or have a financial account of some other kind that is helping you to reach another financial goal.

Feel free to move these around a bit to work with your situation. If you have a ton of debts, for example, then you can put more towards that and less towards the wants or the savings for a bit of time.

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