The average American household spends over a month This is more than the of income rule suggests for needs The Solution is a new budgeting strategy that helps manage money better The Solution Prioritize Needs Over Wants Smart Money Key Takeaways The Solution sets aside of pre-tax income for fixed costs like taxes housing and bills The other is split into retirement long-term short-term savings and fun money This plan makes budgeting simpler and helps reach financial goals like saving and enjoying life It's designed for those whose needs are more than of their income unlike the old rule Using the Solution can lead to better money management focusing on what's essential and smart spending https youtu be xvgbqq VNF feature shared Understanding Financial Discipline Fundamentals Financial discipline is key to managing money well A good budget is simple reflects your values and fits your financial reality It should help you manage your resources and focus on needs over wants What Makes a Successful Budget A successful budget balances your income and expenses The method is popular It splits your income into for needs for wants and for goals and savings You can adjust these percentages to fit your financial goals The Psychology of Needs vs Wants It's important to know the difference between essential and discretionary spending Needs are must-haves for living while wants are nice-to-haves Focusing on needs helps you manage money better and reach your wealth management goals Building Financial Awareness Tracking your income and expenses is... Login to read full