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

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Understanding the 50/30/20 Rule The 50/30/20 rule is a budgeting framework that allocates your after-tax income into three main categories: 50% for Needs 30% for Wants 20% for Savings or Paying Off Debt What Are Needs? Needs are the essential expenses that you cannot live without. These include: Housing: Whether you have a mortgage or rent, this is usually the biggest part of your needs. Utilities: Electricity, water, heating, and other essential services. Groceries: Basic food items necessary for your survival. Insurance: Health insurance, auto insurance, and home insurance to protect you from unforeseen events. Transportation: Car payments, gas, public transportation costs that are essential for you to get to work and run daily errands. What Are Wants? Wants are non-essential expenses that improve your quality of life but are not necessary for survival. These can include: Dining Out: Restaurants, takeout, and coffee shops. Entertainment: Subscriptions like Netflix, Hulu, and o...
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Ways to Save Money on Everyday Expenses - Learned in Japan

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 I'm excited to share a secret money-saving tip that my Japanese grandpa taught me. Stick around until the end, and I'll explain how this tip helped me save ten thousand dollars. For those who don't know, I'm half Japanese—my mother is Japanese, and my father is American. I've spent about half my life in Japan and half in the US. After graduating from Georgetown Law School, I experienced reverse culture shock when I returned to Japan. The approaches to lifestyle and saving money are entirely different in these two countries. In the US, everything is grander, and people are encouraged to buy more, stock up at Costco, take out loans, and live in large apartments. In contrast, the Japanese are masters of simple living. In Japan, there's a stronger focus on buying within your means and shopping small. You can even buy a single boiled egg at convenience stores. The average size of a home in Japan is 1,309 square feet, about half the size of the average US home, which...
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Beginner's Guide to Financial Literacy: Learn to Make Smart Money Choices

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  Did you learn about money in school? Maybe you’re picking it up on your own, or your parents gave you some guidance. No matter where you are on your financial journey, understanding money is crucial for achieving financial freedom. If you're wondering how to manage your finances to live comfortably and reach your goals, this guide is for you. Introduction to Financial Literacy November marks Financial Literacy Month in Canada, celebrating its 10-year anniversary. With the impact of the pandemic, financial education has never been more critical. Many Canadians are facing financial struggles, and improving financial literacy can help you make smarter choices with your money. What is Financial Literacy? Financial literacy is the ability to make informed and effective decisions with your financial resources. This includes understanding how to earn, budget, pay off debt, save, invest, and protect yourself financially. Mastering these skills will help you achieve the lifestyle you desi...
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