50-20-30: Go on a diet for your money
This plan is about allocating a specific percentage of money towards specific tasks
The 50-20-30 plan is the inspiration of US senator and Harvard bankruptcy expert Elizabeth Warren who, with her daughter, came up with the plan to help people manage their money
Starting your first job after graduation this September? Struggling to manage the household budget? Well, you’ve no doubt heard about the Atkins diet, the 5x2 or “clean eating”, but how about something akin to a diet plan for your money?
It’s never too early – or too late – to start budgeting properly. It’s getting started that’s the tricky bit. Given that we’ve had everything from the fast plan to the 5x2 for our diets, it’s no surprise that someone has come up with a simple, catchy plan to help you plan for your future by keeping your finances in everyday shape. The 50-20-30.