Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
How do you balance spending and saving? Start by asking yourself, “what do you need, what do you want, and how much should you save?” Planning and managing expenditures are essential to financial success. By spending wisely, you could afford the things you need, save for the future, and still have money for what you want. The key is to strike the right balance between what you have and what you spend.
The 60/20/20 rule
Use the “60/20/20” as a general guideline for spending. 60% of your income should be spent on essential expenses, like housing, insurance, loan payments, and food. The next 20% of your income should go to saving and investing, and the last 20% should be spent on discretionary expenses such as entertainment, technology, and dining out.
To find out more, you can call Ashley at 505-872-7841 or visit her on her website.