How many people here abide by the 30/70 rule when it comes to saving money?

[Dolla$]

Expenses should be no more than 30% of your monthly income while saving 70% of your check

I’m not quite there yet BUT i have noticed a dramatic change in my mindset when it comes to budgeting my money.

So far I’m working towards elimating or reducing certain monthly expenses that will drive down my expense/income ratio down dramatically like my car note, Raymour and Flanigan bill, car insurance, cell phone.

Reducing or elimating all that would put an extra $500 and some change back in my pocket

If you’re slacking saving bread you should try it if possible

 

[JLova]

No one's saving 70% of their income.

 

[Uitomy]

I'm leaning towards 40/60

Saving is incredibly easy when you realize it's impossible yo get everything you want, it's too much shyt too buy, and getting valuable things that LAST and also Recycling what you have (clothes is my biggest example, a big tip I learned from myself is to buy good name brand that way when you're done with it you can sell it for some cash back, it's way better than getting shyt and then sending it to Goodwill so they can profit)

 

[Dolla$]

No one's saving 70% of their income.

Everyone’s situation ain’t the same breh. But for those that are in a position to do so that definitely is something to try and take advantage of

 

[42 Monks]

Everyone’s situation ain’t the same breh. But for those that are in a position to do so that definitely is something to try and take advantage of

extremely few people, even those VERY well off, are in the position to 30/70 it

 

[Sad Bunny]

I think you got your numbers mixed up.

 

[invalid]

As a former accountant, I’m not sure that I’ve heard of this rule.

What I have heard is that your monthly rent/mortgage payment should be somewhere between 25-30% of your monthly income. I’m not sure if 30% total expenses is feasible.

If you can do it, great! But that’s not the norm.

 

[JLova]

Everyone’s situation ain’t the same breh. But for those that are in a position to do so that definitely is something to try and take advantage of

I'm just saying 70% is just not a practical number. Unless you don't have a mortgage or rent.

 

[Koba St]

70/30 is impossible for most people. I think 50/50 is probably more realistic. At least for me anyway.

 

[Sad Bunny]

As a former accountant, I’m not sure that I’ve heard of this rule.

What I have heard is that your monthly rent/mortgage payment should be somewhere between 25-30% of your monthly income. I’m not sure if 30% total expenses is feasible.

If you can do it, great! But that’s not the norm.

This.

I've heard rent and mortgage shouldn't be more than 30 percent of your income alone.

So OP numbers all are wrong.

I think he means 70/30 lol

Right now I am able to do about 60/40 but that is because I am married which makes it easier.

Once I am debt-free I will literally be able to do 50 50

 

[mannyrs13]

I'm at about 33/33/33 myself. My necessary stuff like helping with the bills, my car insurance, phone, gym and subscription services, gas and groceries which can fluctuate, all equal about 33% of my regular salary. Then I save about 33% of that, mostly for a down payment and some for vacation purposes. The other 33% goes towards entertainment and investments and other stuff. Like putting something into my 401k, whenever I go out to eat or for a drink or something, any emergencies that come up, etc. But then that doesn't include the overtime I been getting lately which is like $150-200 a week so that extra money I just send some to savings or to pay off any recent debts to keep my utilization rate low. But that may end soon for the time being so I gotta minimize the unnecessary spending a bit and invest more.

 

[Dolla$]

I'm just saying 70% is just not a practical number. Unless you don't have a mortgage or rent.

Yea i guess you’re right. I do have tenants that’s pays majority of my mortgage so i guess that helps a lot

 

[Dreamzeedream]

Expenses should be no more than 30% of your monthly income while saving 70% of your check

I’m not quite there yet BUT i have noticed a dramatic change in my mindset when it comes to budgeting my money.

So far I’m working towards elimating or reducing certain monthly expenses that will drive down my expense/income ratio down dramatically like my car note, Raymour and Flanigan bill, car insurance, cell phone.

Reducing or elimating all that would put an extra $500 and some change back in my pocket

If you’re slacking saving bread you should try it if possible

How could u save 70 percent?.


68 percent of my check goes to bills

 

[Dreamzeedream]

I'm about to stack for the next three months

 

[Dreamzeedream]

I'm at about 33/33/33 myself. My necessary stuff like helping with the bills, my car insurance, phone, gym and subscription services, gas and groceries which can fluctuate, all equal about 33% of my regular salary. Then I save about 33% of that, mostly for a down payment and some for vacation purposes. The other 33% goes towards entertainment and investments and other stuff. Like putting something into my 401k, whenever I go out to eat or for a drink or something, any emergencies that come up, etc. But then that doesn't include the overtime I been getting lately which is like $150-200 a week so that extra money I just send some to savings or to pay off any recent debts to keep my utilization rate low. But that may end soon for the time being so I gotta minimize the unnecessary spending a bit and invest more.

U must make alot