{"id":13781,"date":"2022-08-23T11:40:32","date_gmt":"2022-08-23T16:40:32","guid":{"rendered":"https:\/\/www.fitbux.com\/articles\/?p=13781"},"modified":"2024-05-28T21:51:26","modified_gmt":"2024-05-29T02:51:26","slug":"50-30-20-rule-budgeting","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/50-30-20-rule-budgeting\/","title":{"rendered":"5 Reasons Not To Use The 50-30-20 Rule For Budgeting"},"content":{"rendered":"

There are many \u2018money systems\u2019 and \u2018money rules\u2019 out there.\u00a0 Some are OK, others are marketing gimmicks.\u00a0 One that I get asked about often is the 50-30-20 rule.<\/p>\n

It has positive components that you should learn from for sure but I actually recommend that you do not use it.<\/strong> The primary reason is its’ not customized to you.\u00a0 It\u2019s a once size fits all solution which never works.<\/p>\n

In this article I detail what the 50-30-20 budget rule is then I explain why you should never use it or any other similar “one-size-fits-all” approaches.<\/p>\n

What is the 50-30-20 Rule?<\/h2>\n

The rule is an easy budgeting method.\u00a0 The good thing about the 50-30-20 rule is that it’s easy to understand.<\/p>\n

You divide your monthly after-tax income into three spending categories:<\/p>\n

    \n
  1. 50% for needs;<\/li>\n
  2. 30% for wants; and<\/li>\n
  3. 20% for savings or paying off debt.<\/li>\n<\/ol>\n

    Below I highlight the 5 reasons why you should not<\/strong> follow this rule.<\/p>\n

    Reason #1: It Doesn’t Account For Income Amounts And Types<\/h2>\n

    The 50-30-20 rule\u00a0 doesn\u2019t take into account the level of your income nor the type of income you have!<\/p>\n

    If you make the median income in Boston ($35,000 a year) you are going to be spending way more than 50% of your income on needs.\u00a0 If you make $200,000 a year then you\u2019ll be spending way less on needs.<\/p>\n

    On top of that, your income type will have a massive impact on your budget.\u00a0 Let’s say your income is primarily commission as opposed to a steady salary.\u00a0 You need more of a cushion in case you have a bad month and don\u2019t earn any commission.\u00a0 Therefore, you may need to save more than 20%.<\/p>\n

    The correct way of budgeting<\/a> always starts with your income.<\/p>\n

    Reason #2: We All Have Different Needs<\/h2>\n

    The 50-30-20 rule says to use money for needs.<\/p>\n

    Needs?\u00a0 Every one of us considers different items as \u201cneeds.\u201d Plus, each on of us lives in different locations.\u00a0 Therefore, these day-to-day expenses such as rent change based on where we live.<\/p>\n

    Combine cost of living differences and income differences and it’s easy to see why the 50-30-20 rule doesn\u2019t work.<\/p>\n

    Reason #3: It Doesn’t Consider The Type Of Investments Available To You<\/h2>\n

    Let’s use an example. I’ll assume that you have a significant amount of debt, such as student loans, and your monthly payment is 20% of you income.<\/p>\n

    I will also assume that your employer matches 6% of you income in a 401k.<\/p>\n

    Are you going to ignore your employer match so you can spend 30% on \u201cwants?\u201d That is absolutely ludicrous and doesn\u2019t make any financial sense whatsoever.<\/p>\n

    Plus the 50-30-20 rule is based on after-tax money.\u00a0 There are accounts such as 401k, 403b, Traditional IRAs, and HSAs that have pre-tax benefits.\u00a0 The 50-30-20 rule completely ignores those benefits!<\/p>\n

    Reason #4: It Doesn’t Consider Your Type Of Debt<\/h2>\n

    Let\u2019s say you have multiple forms of debt and the monthly payments add up to 20% of you income.<\/p>\n

    One of those forms of debt is a credit card<\/a> that has a 20% interest rate.\u00a0 Are you going to keep paying that ridiculous interest rate and spend 30% on \u2018wants.\u2019 Absolutely not!\u00a0 That would not be good financial planning<\/a>.<\/p>\n

    Reason #5: What About Your Insurance Needs?<\/h2>\n

    The 50-30-20 rule completely ignores insurance needs.<\/p>\n

    In short, insurances are financial products you purchase in order to protect your income against unexpected events.<\/p>\n

    This is key to minimizing the risk to your financial plan<\/a>.<\/p>\n

    Insurances are not savings, debts items, or wants but are a necessity to protect your finances and your financial plan. By not accounting for this typical type of need, this magic formula, once again, should not be used in my opinion.<\/p>\n

    By Joseph Reinke, CFA<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    There are many \u2018money systems\u2019 and \u2018money rules\u2019 out there.\u00a0 Some are OK, others are marketing gimmicks.\u00a0 One that I get asked about often is the 50-30-20 rule. It has positive components that you should learn from for sure but I actually recommend that you do not use it. The primary reason is its’ not […]<\/p>\n","protected":false},"author":1,"featured_media":14372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1898],"tags":[197,1897],"class_list":["post-13781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning-archive","tag-budgeting","tag-financial-planning","post-wrapper","thrv_wrapper"],"yoast_head":"\n5 Reasons Not To Use The 50-30-20 Rule For Budgeting<\/title>\n<meta name=\"description\" content=\"The 50-30-20 rule is often stated for budgeting. 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However, it should not be followed for a number of reasons which I detail in this article.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fitbux.com\/articles\/50-30-20-rule-budgeting\/\" \/>\n<meta property=\"og:site_name\" content=\"FitBUX Articles\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/fitbuxofficial\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/groups\/FitBUXOfficialGroup\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-23T16:40:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-29T02:51:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fitbux.com\/articles\/wp-content\/uploads\/2022\/04\/5-reasons-not-ot-use-the-50-20-30-rule.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"674\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Joseph Reinke, CFA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@fitbuxofficial\" \/>\n<meta name=\"twitter:site\" content=\"@fitbuxofficial\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joseph Reinke, CFA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/\"},\"author\":{\"name\":\"Joseph Reinke, CFA\",\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/#\\\/schema\\\/person\\\/1a5bd7a1ddaf4a003cde1ecc743e4cf7\"},\"headline\":\"5 Reasons Not To Use The 50-30-20 Rule For Budgeting\",\"datePublished\":\"2022-08-23T16:40:32+00:00\",\"dateModified\":\"2024-05-29T02:51:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/\"},\"wordCount\":639,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/5-reasons-not-ot-use-the-50-20-30-rule.webp\",\"keywords\":[\"Budgeting\",\"Financial Planning\"],\"articleSection\":[\"Financial Planning\"],\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/\",\"url\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/\",\"name\":\"5 Reasons Not To Use The 50-30-20 Rule For Budgeting\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/50-30-20-rule-budgeting\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/5-reasons-not-ot-use-the-50-20-30-rule.webp\",\"datePublished\":\"2022-08-23T16:40:32+00:00\",\"dateModified\":\"2024-05-29T02:51:26+00:00\",\"description\":\"The 50-30-20 rule is often stated for budgeting. 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