By Katlego Sekhu
It’s the weekend and payday is just around the corner. This Friday afternoon on Feel Good, Andy wants to know “Where does all your money go?” She wants you to fill in this blank: “I’m broke because most of my money goes toward…”
Neilo says: “The enemy is groceries. Not even luxury items or fancy brands or a treat. Just basic groceries and I’m broke again. Can we discuss how expensive things have become?”
Abel says he’s broke because most of his money “goes toward Uber Eats.”
A listener shares: “My money goes to kids, I pay for their school kids and everything.”
Marko from whiteboard finance advises people to use the 50/30/20 rule.
“Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your money is going.
“50% of your budget should be spent on needs which are things that are essential to life and that you literally cannot live without. 30% should be spent on wants which could be classified as things that bring you joy and happiness but are NOT essential to living (Dining out, entertainment, hobbies, etc.)
“The final 20% should be spent on savings, paying off debt, and retirement planning,” he explains.
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