Budget Planning for Middle-Class: A Quick Guide
Calculate Your Income: Know your total monthly take-home pay.
Track Your Expenses: List your fixed costs (rent, bills, EMI) and variable costs (food, travel, entertainment).
Follow the 50/30/20 Rule:
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- 50% for Needs (rent, groceries, utilities)
- 30% for Wants (dining out, movies, shopping)
- 20% for Savings & Investments (emergency fund, SIPs, insurance)
- Build an Emergency Fund: Save 3-6 months of expenses in a safe place.
- Cut Unnecessary Expenses: Avoid impulse buys and subscriptions you don’t use.
- Plan for Goals: Save specifically for big things like a home, kids’ education, or retirement.
Review Monthly: Check your budget regularly and adjust as needed
