If someone is able to save from the 30 per cent section of one's income, then it is advisable for him or her to create an emergency liquid corpus that can help him or her to survive for near one year even when he or she has no source of income. From financial perspective, it has taught us to have ample amount in liquid form. Wherein, she writes, after taxes, your disposable income should be divided as follows: 50 on necessities, 30 on luxuries, and 20 in savings.
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On how to use that surplus amount Pankaj Mathpal said, "Covid-19 has taught us various social and financial lessons. The 50/20/30 budget rule (sometimes written as 50-30-20) is a financial strategy made famous by Senator Elizabeth Warren in her book All Your Worth: The Ultimate Lifetime Money Plan. But, in current scenario, when one is saving good amount of money from one's 30 per cent income due to the lockdown and Covid-19 restrictions, it's better to divert that fund into the 20 per cent section." Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors. Instead, you spend 50 of your after-tax pay on needs, 30 on wants, and 20 on savings or paying off debt.
So, the 50-30-20 calculator is useful in meeting all kinds of investment goals. The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. On how 50-30-20 rule benefits an earning individual Pankaj Mathpal, Founder & CEO at Optima Money Managers said, "When you have a devoted amount for investment to meet your various goals, then it's for sure that you are putting money in all kinds of options meant for meeting your short-term, mid-term to long-term investment goals.
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