Having a personal budget is wise. It allows you to allocate personal income towards your expenses, debt repayment, wants, and savings. Today, you do not have to write it all on paper. You can do it automatically on a reliable budgeting app.
How to Budget
It all depends on your income and expenses. You can allocate 50-70% of your income on your expenses and the rest to savings and wants.
If you do not know how to start budgeting, you can follow the 50-30-20 rule. It is an easy-to-follow guide on allocating your income.
The 50-30-20 Rule
The idea is to designate your after-income tax to spend on 50% needs, 30% wants, and 20% savings. Needs include all your expenses and debt repayments.
Last Words
If you want to create a personal budget, you can do it all on my virtual wallet.