ilmscore | ACCOUNTANT EXPLAINS: How I manage my money on payday: Income, Expenses & Savings

ACCOUNTANT EXPLAINS: How I manage my money on payday: Income, Expenses & Savings

Published: 2023-11-05
Status: Available | Analyzed

Predictions from this Video

Total: 3
Correct: 0
Incorrect: 0
Pending: 3
Unrated: 0
Prediction
Topic
Status
The 50/30/20 rule suggests allocating 50% of net income to fundamental needs, 30% to 'fun' expenses, and 20% to future savings/investments.
"the 50320 rule it suggests that 50% of your net income should go towards the fundamental needs 30% should go towards the fund bucket and 20% should go towards the future U"
50/30/20 Rule
Pending
The speaker suggests that individuals may need to adjust the 50/30/20 rule's percentages based on their personal financial situation.
"So you may want to modify these percentages and tweak them based on your unique circumstances"
50/30/20 Rule (Modified)
Pending
It's recommended to have separate savings accounts for each major financial goal (e.g., house, car) to track progress more effectively.
"I would also recommend having a separate account for each of your bigger saving goals so if you're saving for a house have a house fund if you're saving for a car have a car fund"
Saving for Goals
Pending