1. This is a general rule that can help with the budget aspect of personal Finance,
2.50% of the aftertax revenue should be used for needs, 30% for needs, and 20% should be used for being saved And Investment,
3. Necessities are essential expenses which are necessary for survival. These include utility bills, rent, EMIs, groceries, insurance premiums, etc.
4. Desire is anything that is not necessary but is good, such as movies, excursions, shopping and vacations.
5. This is a simple rule that helps in building a savings mindset while ensuring that there is money to enjoy life as well.
Content on this page is courtesy of Center for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
2.50% of the aftertax revenue should be used for needs, 30% for needs, and 20% should be used for being saved And Investment,
3. Necessities are essential expenses which are necessary for survival. These include utility bills, rent, EMIs, groceries, insurance premiums, etc.
4. Desire is anything that is not necessary but is good, such as movies, excursions, shopping and vacations.
5. This is a simple rule that helps in building a savings mindset while ensuring that there is money to enjoy life as well.
Content on this page is courtesy of Center for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.