The 80/10/10 Budget
Budgets are created with the overall goal of structuring the distribution of all income earned.
The 80/10/10 budget is just one way this can be done! In this approach, like other popular budgets, 80% of income goes towards spendings, such as bills, groceries, or anything else needed. 10% of income goes directly into savings to ensure that money is added regularly. The last 10% of income goes to charity.
The 80/10/10 budget is a common approach often used by young couples to prioritize what they find important! Before beginning this budget, the couple must be confident in their ability to live only off the base 80% of the money they have coming in. If this is not possible, it may be ideal to look into another budgeting system for the time being! The 10% of income that goes towards charity is a great way to establish a habit of giving back to the community! With great commitment, following an approach like the 80/10/10 budget is a great way to build financial responsibility from the start!
|Brylee Bergbower is a student at the University of Texas at Tyler studying Kinesiology who is taking on the world, learning about financial matters, and writing about it for Kelly Community. In her spare time Brylee juggles two part-time jobs, spends time with family and friends, stays fit, and studies!|