Creating a budget is not hard. It is stressful. Being disciplined with your budget is hard. It’s even harder when the numbers and your demands just don’t add up.
There is an easy method for building and staying on budget. Try this framework:
50 / 30 / 20 or Need / Want / Save
Remember 50/30/20 is a guideline so you can shift as your month-to-month, week-to-week, day-to-day or paycheck-to-paycheck shifts. Don’t get distracted or stop if you need to move things around for a short period or two. Use 50/30/20 as your guiderails and you will probably find that staying on course or near course gets easier over time. And isn’t that the goal: Progress over Perfection.
NEEDS: 50%
Allocate 50% of your income to the things you cannot live without:
- Rent or Mortgage
- Groceries
- Utilities: electricity, water, gas, phone
- Clothes
- Transportation
WANTS: 30%
Allocate 30% of your income to the things you want but aren’t required to survive.
- Streaming services
- Dining Out
- Hobbies
SAVINGS + EMERGENCIES: 20%
One of the main causes for financial stress is not being prepared for emergencies. Establishing a $400 emergency fund will help keep you from falling behind.
- Emergency Fund
- Pay off debt
- Vacation
- Education
An example of the 50/30/20 budget. $48,000 annual salary or $24 per hour. Your take home pay would be around $3,235 per month.
- Needs: $1,617.50
- Wants: $970.50
- Saves: $647.00
50/30/20 is just a guideline to help you manage over the long-term. When short-term or unexpected emergencies hit, CashMax can help.
- Get pre-approved for a cash advance up to $2,000 or title loan up to $2,250 over the phone from one of our knowledgeable associates.
- You can start the process of getting a cash advance or title loan online.
- CashMax has 38 convenient locations in Texas to serve you:
- 1414 E. Tyler Street, Athens, TX 75751
- 635 W. Pioneer Parkway, Arlington, TX 76010
- 12209 Lake June Road, Balch Springs, TX 75180
- 4105 State Hwy 121, Bedford, TX 76021
- 2019 N. Center Street, Bonham, TX 75418
- 1420 S. Bridge Street, Brady, TX 76825
- 551 W. Commerce Street, Brownwood, TX 76801
- 750 Hurst Street, Center, TX 75935
- 1907 Ave. F NW, Childress, TX 79201
- 617 W. Henderson Street, Cleburne, TX 76033
- 2001 Texas Avenue, College Station, TX 77840
- 2127 East Highway 190, Copperas Cove, TX 76522
- 5200 Lemmon Ave., Dallas, TX 75209
- 1845 South FM 51, Decatur, TX 76234
- 411 W. University, Denton, TX 76201
- 615 E. Camp Wisdom Road, Duncanville, TX 75116
- 308 E. Ennis Ave., Ennis, TX 75119
- 5732 Camp Bowie Blvd., Fort Worth, TX 76107
- 2516 NE 28th Street, Fort Worth, TX 76106
- 1714 N. Culberson Street, Gainsville, TX 76240
- 3354 Broadway Blvd., Garland, TX 75043
- 2115 State Highway 16 South, Graham, TX 76450
- 928 N. Belt Line Road, Grand Prairie, TX 75050
- 1319 S. Jackson Street, Jacksonville, TX 75766
- 610 E. Lantrip Street, Kilgore, TX 75662
- 2501 South WS Young Drive, Killeen, TX 76541
- 207 A Hwy 183 North, Leander, TX 78641
- 1288 W. Main Street, Lewisville, TX 75067
- 508 E. Loop 281, Longview, TX 75605
- 300 S. Chestnut, Lufkin, TX 75901
- 1809 US Hwy 281, Marble Falls, TX 78654
- 2500 North Street, Nacogdoches, TX 75965
- 2102 Crockett Road, Palestine, TX 75801
- 147 N. Collegiate Drive, Paris, TX 75460
- 1827 Texoma Parkway, Sherman, TX 75090
- 406 S. Southwest Loop 323, Tyler, TX 75702
- 915 Hillcrest Drive, Vernon, TX 76384
- 3117 Kemp Blvd., Wichita Falls, TX 76308