How to Split Money When Paid?

Managing your money effectively after getting paid is crucial for financial stability. Here's how to split your income wisely to cover all your needs and goals.

💰 The 50/30/20 Rule

• 50% Needs: Essential expenses (rent, utilities, food)

• 30% Wants: Non-essential spending (entertainment, dining)

• 20% Savings: Future goals and emergency fund

Smart Money Distribution

• Immediate Bills: Set aside bill money first

• Emergency Fund: Build safety net

• Savings Goals: Allocate for future needs

• Discretionary: Remaining for flexible spending

💡 Pro Tips

• Use separate accounts for different purposes

• Automate bill payments and savings

• Track spending with budgeting apps

• Review and adjust splits monthly