TIffany Curtis

Jul 7, 2024 | stltoday.com | TIffany Curtis |Tiffany Curtis

You may have heard of the 50/30/20 budget. With this popular budgeting method, you allocate up to 50% of your after-tax income for needs like your rent or mortgage, 30% for wants like dining out and 20% for savings and debt repayment beyond the minimums. However, an economy with high inflation can make it difficult to keep your spending on needs to 50% or less of your income. “Over the last couple of years, we have seen pretty substantial inflation across most main spending categories.