What can you use as a budgeting foundation?
You could build it upon the 60-40 Solution!
This budgeting tip is sometimes referred to as: 'The 60% Solution', but I like to think of this as the 'Sixty - Forty Solution'. It just seems to be a easier way for me to remember the phrase for the way my mind thinks.
The strategy is based on using 60% of your budget for the essentials such as housing, food, clothing etc.
We all need a safety-net!
If you have children, when you plan your budget don't forget to set aside some funds for their *
Budgeting doesn't come easy for many, and to make matters worse it doesn't seem to be taught in school (well at least not when I was there).
Just think of how rich your children could be by the time they retire if they follow and stick with the 60% budgeting solution!
*In a recent article I shared the idea of paying kids commission for chores, instead of paying an allowance! Read my article to learn why!