Take control of your finances with the 50/30/20 rule and automate your budget with Divy Up to consistently grow your savings.
The quick facts
- The 50/30/20 rule suggests that you allocate 50% of your income to needs, 30% to wants, and 20% to savings/debt repayment.
- This budgeting method is a simple and effective way to manage your money and achieve financial goals.
- Divy Up is an app that can help automate and simplify the 50/30/20 budgeting process.
- With Divy up, you can link your bank accounts and allocate a percentage of your income to each category.
Is the 50/30/20 budgeting budgeting solution for you?
Budgeting can be a daunting task for many people, especially if they’re not sure where to start. Fortunately, the 50/30/20 budgeting method can make it easier to manage your finances and save money. The basic idea is to divide your income into three categories: needs (50%), wants (30%), and savings/debt repayment (20%). By following this budgeting method, you can ensure that you’re taking care of your essentials, enjoying some luxuries, and setting aside money for the future.
However, budgeting can still be a challenge, especially when it comes to tracking and managing different accounts. That’s where Divy Up comes in. Divy Up is a mobile application that helps people split their funds between various accounts in their own name. With Divy Up, users can use fixed and percentage-based amounts to split their pay.
One way that Divy Up can enhance the 50/30/20 budgeting method is by allowing users to link three different accounts for their needs, wants, and savings/debt repayment categories. For example, you could link your everyday transaction account to your “needs” category, your chequing account to your “wants” category, and your high-interest savings account to your “savings/debt repayment” category. Then, on payday, Divy Up will automatically transfer the designated percentage of your paycheck to each account.
This makes it easier to stay on top of your budget and ensure that you’re allocating the right amount of money to each category. It also takes the hassle out of manual transfers and ensures that you’re not accidentally overspending in one category at the expense of another.
Another benefit of Divy Up is that it’s especially helpful for workers whose income varies from pay cycle to pay cycle. With Divy Up, you can set up consistent transfers based on a percentage of your income, regardless of how much you earn each week or month. This makes it easier to stay on track with your budget and avoid overspending.
The 50/30/20 budgeting method is a great way to manage your finances and save money. And with Divy Up, you can take your budgeting to the next level by automating your transfers and ensuring that your money is allocated correctly. So why not give it a try and see how much easier budgeting can be with Divy Up?
