5 Spending Rules to Learn and Live By

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Money matters don’t have to be complicated—sometimes, drilling down to a handful of basic rules can help us reset our spending perspectives and financial habits. High-level rules also give us a lifelong framework to go back to, and act more like principles for our overall financial management than intimidating restrictions. Here are a few I live by:

 

1. Get to know the 50/30/20 rule

Spending and budgeting gets a lot simpler with structure. You don’t need a million different budgeting rules to shore up spending habits. I’ve taken a much more straightforward approach with my finances recently and it has completely de-stressed my spending.

Using the 50/30/20 spending rule dramatically cuts down on the complication of understanding where your money goes. The first 20 percent of your money goes to savings, or “future you.” Paying yourself first is a classic budgeting rule…

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