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So minimum payments on your car loan, credit cards, student loans, etc. This rule of thumb says that those expenses should comprise no more than 50% of your take-home pay.How to Bring “Shock and Awe” to Your Monthly Expenses The next 20% of your budget goes to long-term savings and extra payments on any debt you may have.

When I graduated from college, we had no money and a lot of debt.

I had about ,000 in student loans, which means we had a negative net worth.

It also includes minimum payments you need to make on your debts.

Without making them, you can suffer some serious consequences!

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Before I started blogging about personal finance in 2007, I thought about money like most people do.

I went to college, got a job, and started spending.

I’ve seen many financial experts write about it, as well.

The bottom line is that the 50-20-30 budget has some advantages as a starting point, but, like most financial rules of thumb, it can also lead you astray.

And eventually, that just shifted for me because I’d been saving for a while.