Managers and economists around the world recommend following the 50/20/30 method to control personal or family economics. Follow this strategy and make sure you never miss the money to go on vacation.
The 50/20/30 method is a very widespread rule in the field of economics and finance . If you want to save easily and enjoy a dream vacation, follow the right method:
Tips on How to Save Money for Vacation
The 50/20/30 method – How to save money for a vacation fast
- The strategy is to dedicate 50% of your savings to the basic expenses , like food, rent, debts, etc. These invoices have to be paid yes or yes, so you should always use the money to meet these needs. If you have enough, add it to the next category.
- 20% of the total will have to go to a piggy bank , so you will always have a mattress for unforeseen circumstances. Even if you do not have big expenses yet, you must have heard that misfortunes do not come alone. Have you been denied the scholarship in the same week that your car has been broken? Have you been invited to a friend’s wedding and do not have the money to make the gift? Thanks to these savings, you will be able to face any obstacle that presents itself in your life.
- The remaining 30% is the money you can spend for your whims and personal expenses . This category includes the purchase of clothes, travel, gifts for birthdays, parties with friends … If a month you have money, add it to the savings bag.
It is a successful formula because it allows you to know at all times how much money you have and how much you can have in the future. It is so simple that you will not need a manager to help you with your finances, although if you have problems, perhaps you should support some of the most prestigious apps on the market. Do not you know what I’m talking about? Get to know the 5 apps to save and learn how to spend wisely and make sure that money will never be a problem again.