Basic budgeting that most individuals do not use on a regular basis.
The 50/30/20 rule divides your net pay into three broad categories:
50% Needs, these are your essentials; rent or mortgage, utilizes, insurance, food, transportation etc.
30% Wants, these funds your lifestyle; dining out, entertainment, hobbies, travel, gym memberships, streaming services, etc.
20% Saving and Debt, these funds will be your financial reserve, emergency funds, retirement, extra payments on debts, etc.
Do you use this philosophy? Ultimately the world falls into those who plan and those who fly by the seat of their pants. Which are you? Which one should you be?