Armed with this information on your income and spending, you can then start to work out what your regular essential and discretionary spending is each month. Firstly, having a reasonable idea of where your money is going will make you feel more in control of your finances. > Use our Household Budget calculator and get budgeting tipsThe 50 / 30 / 30 rule: can it help? The 50/30/20 rule is a budgeting idea made popular by Elizabeth Warren, the US politician, in her book 'All Your Worth: The Ultimate Lifetime Money Plan.' The idea is that people should spend up to 50 per cent of their after-tax income on their 'needs'.

Source: Daily Mail November 11, 2022 02:55 UTC