Dec
02
The 60% solution for boosting your savings
Posted under Making Money
If you’ve ever had trouble saving a substantial amount of money, you might want to take a look at the 60% solution over at MSN Money. It is supposed to make saving easier and more fun. I found it similar to the “pay yourself first” system, but instead of saving 10%, you’d put aside a full 40%. You would divey up that 40% into the following 4 categories:
Fun money: 10%
Retirement: 10%
Long-term saving/debt: 10%
Irregular expenses: 10%
Irregular expenses: 10%
Ok, that looks like fun. 60% would go to pay your necessary expenses; food, rent/mortgage, power, etc.
There’s a calculator on the site to make all of this easier. Just put in your monthly income and it will calculate the rest.
Any thoughts?
Technorati Tags: Money, Savings, budget
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