Who Should Use the 60% Budgeting Method?

Many people can benefit from this kind of budget in their lives. It is a good option if you like the idea of automating as much of your finances as possible and you want to be able to do this without tracking where every dollar is going at the time. In this strategy, you can assign a minimum of 30% of your expenses to automatically go to other accounts that are hard for you to reach, allowing you to save and get to your long-term financial goals.
 
This method is also one of the best methods for budgeting for anyone who would like to ramp up their savings. When you take the time to save 30% of your income, and live like you took a big pay cut, you are already doing a lot better than most of the people who haven’t saved anything at all. You will be surprised at how quickly this can add up, even if you don’t make a big income at the time.
 
However, there are a few potential issues that will occur with this budgeting method. First, it is hands off. This can be good for those people who want to set the budget and forget all about it, and it is easy to choose tis one and avoid monitoring much at all. You should keep a little bit of an eye on where the money is coming and going so that you can stick with the percentages and make sure that you are able to stick with it.
 
The biggest issue that comes with this type of budgeting plan is that a lot of people may not be to the point with their debts and other things that they could cut down to only 60% of their budget. If you don’t make a lot of money, then it can be hard to do. This may be a good thing to work up to overall, rather than aiming for right now. As your money grows and you learn how to manage it enough to get down to that amount, then this can be a great budgeting tool to help you get ahead.
 
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