The 50/30/20 Rule

In the picture

1. 1A coin beside a house and bread: money for needs
2. 2A coin beside a football and headphones: money for wants
3. 3A coin entering a piggy bank: money for savings

Examples

• You get 100 in birthday money and plan 50 for bus fare and lunch, 30 for a game, and 20 for savings.
• You earn 80 from dog walking and split it into 40 for phone and transport, 24 for a concert, and 16 for savings.

Quiz: The 50/30/20 Rule (Age 15)

1. 1

   According to the card, in what order should money be used?

   • Needs first, then wants, then savings
   • Wants first, then needs, then savings
   • Savings first, then wants, then needs
2. 2

   What three groups does the 50/30/20 rule split net income into?

   • Income, expenses, and taxes
   • Needs, wants, and savings
   • Rent, food, and transport
3. 3

   What does the card say about the 50/30/20 percentages?

   • They are a guide, and your own percentages can change with your situation
   • They only matter if you have no savings
   • They must always stay exactly 50%, 30%, and 20%

The answers, each with its explanation, are in the app. This quiz is free there while the lesson is in the free week.