How To Manage Your Money (50-30-20 Rule)

The rule asks that you break your monthly net income into three parts: Essentials - 50% - this goes into needs. Wants - 30% - personal desires. Savings and debts - 20% - also goes into investing.
worth a try and see how your financial situation takes a great turns.
10% information and 90% discipline go into managing money. You will be compelled by the 50/30/20 guideline to make a budget and determine where each and every one of your post-tax dollars is going.
You should allocate 50% of your money for needs, which are items that are absolutely necessary for survival.
Spending should be limited to 30% on desires, which are defined as items that make you happy but are not necessary for survival. (Dining out, entertainment, hobbies, etc.)
The remaining 20% should go toward retirement preparation, debt repayment, and savings.
I believe that many people mistake needs for wants, even though we all intuitively understand the distinction.