Creating a budget can seem like an insurmountable task, but today Amy Walls of Thimbleberry Financial introduces us to a basic concept that can get you started:  The 50-30-20 rule.   50% of your budget goes to necessities, 30% goes to wants, and 20% goes to savings.

Naturally, the first step is to categorize your needs vs your wants. Needs include housing, transportation, and utilities.  Wants are more discretionary, like entertainment, hobbies, and dining out.   But it is important to know that a want can become a need.  For example, a vacation home may be a want, but after you buy it, the monthly bills become a need.

Saving 20% of your income can make a major difference in your financial future.  This can be done through retirement plans, emergency savings, and more.

Finally, we talk about how to overcome some common challenges faced by busy professionals when they try to create a budget.

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.