Sticking to a budget can be a difficult task, but with more and more of us looking to save money in the new year, a TikTok hack could help you set money aside.
The 50, 30 and 20 budget rule is a simple trick that has gone viral on TikTok, with more than eight million people viewing videos using the hashtag 503020rule. The idea is that when you get paid, 50% of your salary should go towards essentials, 30% on non essentials, and 20% should be saved.
Essentials include rent/mortgage, bills, and your food shop, plus any other necessities like council tax, and the non-essentials covers anything else like meals out, subscriptions like Netflix and Spotify, and hobbies. The other 20% can go into a savings account or investments.
