Hello everyone! My name is Brenda Butnick, and I’m a Financial Coach with Jewish Family Service of Greater Dallas. I work one-on-one with clients to help them achieve financial self-sufficiency—and now, I’m excited to bring you short Financial Fitness blog posts focused on various money topics. This first blog is all about budgeting, why it matters and how to make it work for you.
What is a budget?
A budget is simply a tool to compare your income with your expenses. It helps you see where your money is going so you can take control of it– rather than letting it control you!
The 50/30/20 Budget Rule:
50% of your income should go to needs — like rent or mortgage, groceries, gas, and utilities.
30% can go to wants — like vacations, dining out, or entertainment.
20% should go to pay off debt and savings
This helps keep your immediate needs on track while also building toward your long-term goals, like retirement or buying a home.
You can take advantage of technology to make budgeting easier. We’ll talk more about budgeting technology in the next blog… stay tuned!
That’s all for today’s Financial Fitness!
Until next time – TAKE CARE AND STAY FINANCIALLY FIT!
