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Creating and maintaining a budget is a fundamental step toward achieving financial security. A well-structured budget helps individuals manage income, track expenses, and plan for future financial goals. Establishing effective budgeting habits contributes to long-term financial well-being.
One approach is using the 50/30/20 rule, which divides income into three categories: 50% for essentials, 30% for discretionary spending, and 20% for savings and debt repayment. This method provides a balanced framework for managing finances without unnecessary restrictions.
