This formula involves spending 60% of your gross income on your usual monthly expenses (paying rent or mortgage, food, utilities, transportation and even Internet access), 10% on retirement savings, 10% on savings for retirement, 10% on long-term savings or debt reduction, 10% on short-term savings (for expenses such as gifts and car repairs).
What is the 60 10 10 10 rule?
This formula involves spending 60% of your gross income on your usual monthly expenses (paying rent or mortgage, food, utilities, transportation and even Internet access), 10% on retirement savings, 10% on savings for retirement, 10% on long-term savings or debt reduction, 10% on short-term savings (for expenses such as gifts and car repairs).. .
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