Outline:
1: How to Save for Your Child’s Education Without Breaking the Bank
2: Understanding the Importance of Early Education Savings
- Why Starting Early Makes a Big Difference
- The Rising Cost of Education and What It Means for Parents
3: Focus Keyword: How to Save for Your Child’s Education – Getting Started Right
- Setting Clear, Realistic Education Savings Goals
- Assessing Your Current Financial Situation
4: Powerful Savings Vehicles to Grow Your Child’s Education Fund
- 529 College Savings Plans: Benefits and Drawbacks
- Education Savings Accounts (ESAs) – What You Need to Know
- Custodial Accounts: Pros and Cons
- Regular Savings Accounts vs. Dedicated Education Funds
5: Smart Budgeting Tips to Save Money Without Sacrificing Comfort
- Creating a Family Budget that Prioritizes Education Savings
- Cutting Unnecessary Expenses Without Feeling the Pinch
- Using Automatic Transfers to Build Consistency
6: Creative and Low-Cost Ways to Boost Your Education Savings
- Leveraging Scholarships and Grants from an Early Age
- Teaching Your Child the Value of Money and Saving
- Side Hustles and Additional Income Sources to Fund Education
7: Avoiding Common Mistakes When Saving for Education
- Don’t Rely Solely on Loans or Debt
- Avoid High-Risk Investments That Could Backfire
- Keeping Track and Adjusting Your Savings Plan Regularly
8: How to Maximize Returns on Your Savings Without Excessive Risk
- Diversifying Your Investment Portfolio
- When and How to Rebalance Your Education Fund Investments
9: Government and Employer Assistance Programs to Explore
- Tax Benefits for Education Savings
- Employer Tuition Assistance and Matching Programs
10: Using Financial Tools and Apps to Track and Manage Education Savings
- Best Budgeting and Savings Apps for Parents
- Online Calculators to Forecast Education Costs
11: Planning Beyond College: Considering Vocational and Alternative Education Options
- Why College Isn’t the Only Path
- Savings Strategies for Trade Schools and Certifications
12: Inspiring Stories: Real Parents Who Successfully Saved for Their Kids’ Education
13: Final Thoughts: Your Child’s Education is Worth Every Effort
FAQs
- How early should I start saving for my child’s education?
- What is the best savings plan for education in 2025?
- Can I save for my child’s education if I’m on a tight budget?
- How do scholarships affect education savings?
- Are 529 plans really worth it?
How to Save for Your Child’s Education Without Breaking the Bank: Powerful and Proven Strategies
When you think about your child’s future, one of the biggest concerns on any parent’s mind is how to afford quality education. The reality is that college tuition and related expenses have skyrocketed over the past decades, making it feel nearly impossible for many families to keep up. It’s easy to get overwhelmed by the numbers and worry that saving enough will require drastic sacrifices or a miracle windfall.
But here’s the truth — how to save for your child’s education without breaking the bank is not only possible, it can be straightforward and manageable when you approach it with the right mindset and tools. You don’t need to be a financial wizard or have a six-figure salary to build a meaningful education fund. What you need is a clear plan, smart saving strategies, and the commitment to start now, even if it’s with just a small amount.
Think about it this way: saving for education is like running a marathon, not a sprint. Consistency beats speed, and every step forward counts. The sooner you start, the more you harness the power of compound interest — that magic effect where your money earns money, and those earnings keep growing over time.
In this guide, we’ll walk you through practical, proven ways to save for your child’s education — from setting realistic goals and choosing the right savings vehicles, to budgeting smartly and avoiding common pitfalls. Whether you’re starting fresh or trying to catch up, you’ll discover actionable tips that protect your finances, reduce stress, and keep your family comfortable.
By the end, you’ll realize that building a solid education fund isn’t about drastic cutbacks or luck — it’s about consistent, empowered choices that secure your child’s bright future without breaking your bank. Ready to take the first step? Let’s dive in.
Saving for your child’s education can feel like climbing a mountain — the cost seems overwhelming, and the path unclear. But here’s the good news: how to save for your child’s education without breaking the bank is absolutely achievable with the right strategies, planning, and mindset. Whether you’re starting early or playing catch-up, this guide offers powerful, proven ways to grow that education fund without sacrificing your family’s comfort.
Understanding the Importance of Early Education Savings
Why Starting Early Makes a Big Difference
Think of education savings like planting a tree. The earlier you plant it, the more time it has to grow tall and strong. Compound interest is your best friend here. Even small monthly contributions can snowball into a significant fund over 10, 15, or 18 years. For example, saving $100 a month starting at your child’s birth can result in tens of thousands by college age.
The Rising Cost of Education and What It Means for Parents
College tuition has been rising faster than inflation for decades. According to the College Board, the average cost for in-state public college tuition was over $10,000 per year in 2024, while private colleges can cost upwards of $40,000 annually. This increasing cost means parents who save early and smartly can dramatically ease the financial burden on their families and their children.
Focus Keyword: How to Save for Your Child’s Education – Getting Started Right
Setting Clear, Realistic Education Savings Goals
Before you start saving, define your goal. What type of education do you want to fund? A state university, private college, or trade school? Knowing the estimated cost will help you set realistic monthly savings targets. Don’t forget to factor in inflation, living expenses, books, and other fees.
Assessing Your Current Financial Situation
Take stock of your income, expenses, debts, and existing savings. Identify how much you can comfortably allocate toward education savings each month. Remember, it’s better to start small than not at all. Even a modest, consistent contribution matters over time.
Powerful Savings Vehicles to Grow Your Child’s Education Fund
529 College Savings Plans: Benefits and Drawbacks
A 529 plan is a tax-advantaged savings account designed for education expenses. Contributions grow tax-free, and withdrawals for qualified expenses aren’t taxed. Many states offer additional tax benefits. However, funds must be used for education, or penalties apply.
Education Savings Accounts (ESAs) – What You Need to Know
Also called Coverdell ESAs, these accounts offer tax-free growth and withdrawals for education expenses including K-12 and college. They have lower contribution limits but provide more investment options.
Custodial Accounts: Pros and Cons
UGMA/UTMA accounts let you save and invest money on behalf of your child. They have no contribution limits but don’t offer tax advantages and become the child’s asset at adulthood.
Regular Savings Accounts vs. Dedicated Education Funds
While easy to set up, regular savings accounts don’t offer tax benefits or high returns, making them less effective for long-term education savings compared to specialized accounts.
Smart Budgeting Tips to Save Money Without Sacrificing Comfort
Creating a Family Budget that Prioritizes Education Savings
Budgeting doesn’t mean deprivation. Start by tracking expenses to identify non-essential spending. Set a fixed amount for education savings as a “must-pay” monthly expense, just like rent or utilities.
Cutting Unnecessary Expenses Without Feeling the Pinch
Simple adjustments like cooking at home more often, canceling unused subscriptions, or switching to more affordable phone plans can free up money without major lifestyle changes.
Using Automatic Transfers to Build Consistency
Set up automatic transfers from your checking to savings accounts right after payday. This “pay yourself first” strategy helps avoid the temptation to skip saving.
Creative and Low-Cost Ways to Boost Your Education Savings
Leveraging Scholarships and Grants from an Early Age
Encourage your child to apply for scholarships early, including for extracurriculars, academic achievements, and community service. Many local organizations offer grants with less competition.
Teaching Your Child the Value of Money and Saving
Involve your child in saving money. Use allowances as opportunities to teach saving habits, which can lead to scholarship-worthy behavior and reduce future financial dependency.
Side Hustles and Additional Income Sources to Fund Education
Consider freelance work, tutoring, or online gigs as ways to generate extra income dedicated to your child’s education fund.
Avoiding Common Mistakes When Saving for Education
Don’t Rely Solely on Loans or Debt
Student loans can quickly become overwhelming. Relying on them alone can burden your child with debt for years. Savings help reduce this dependency.
Avoid High-Risk Investments That Could Backfire
While aggressive investing may promise high returns, education savings require a balanced approach. Preserve capital especially as college approaches.
Keeping Track and Adjusting Your Savings Plan Regularly
Review your savings progress yearly. Life changes like income shifts or tuition changes require plan adjustments.
How to Maximize Returns on Your Savings Without Excessive Risk
Diversifying Your Investment Portfolio
Combine safe investments like bonds with growth options like index funds within your education accounts to balance risk and growth.
When and How to Rebalance Your Education Fund Investments
As college nears, shift to safer investments to protect your savings from market volatility.
Government and Employer Assistance Programs to Explore
Tax Benefits for Education Savings
Many states offer tax deductions or credits for contributions to 529 plans. Also, federal tax credits like the American Opportunity Tax Credit can help offset college costs.
Employer Tuition Assistance and Matching Programs
Some employers offer tuition reimbursement or matching contributions to education savings. Check if your workplace offers such benefits.
Using Financial Tools and Apps to Track and Manage Education Savings
READ MORE: Best Budgeting and Savings Apps for Parents
Apps like Mint, YNAB (You Need a Budget), and PocketGuard can help track spending and set savings goals.
Online Calculators to Forecast Education Costs
Use calculators from reputable sources like Savingforcollege.com to estimate future costs and savings needed.
Planning Beyond College: Considering Vocational and Alternative Education Options
Why College Isn’t the Only Path
Trade schools, certifications, and apprenticeships can offer excellent career opportunities at lower costs.
Savings Strategies for Trade Schools and Certifications
Many 529 plans cover these expenses, making them flexible savings options.
Inspiring Stories: Real Parents Who Successfully Saved for Their Kids’ Education
Meet Sarah and Mike, who started saving $50 a month using a 529 plan when their daughter was born. Despite financial challenges, they stayed consistent, and today their daughter graduates debt-free. Stories like theirs prove it’s possible to save without stress.
Conclusion
Your Child’s Education is Worth Every Effort
Saving for your child’s education may seem daunting, but with a clear plan, smart budgeting, and strategic investing, you can build a solid education fund without breaking the bank.
Saving for your child’s education may seem like a daunting challenge, but it’s one of the most valuable investments you can make for their future. Remember, you don’t need to have a huge income or make extreme sacrifices to make meaningful progress. With a clear plan, disciplined budgeting, and smart use of available savings tools, you can build a substantial education fund over time.
The key is to start early, stay consistent, and adjust your strategies as your family’s needs and financial situation evolve. Use tax-advantaged accounts like 529 plans, automate your savings, and take advantage of scholarships and grants whenever possible. Don’t forget to teach your child about the value of money and saving — empowering them to contribute to their own future success.
Above all, believe in the power of small, steady steps. Even modest monthly contributions, made regularly, can grow into a significant nest egg thanks to compound interest. You are not alone in this journey — countless parents have successfully funded their children’s education without breaking the bank, and so can you.
Start today with confidence, and give your child the gift of opportunity, freedom, and a bright future. After all, their education is worth every effort you make.
READ MORE: avoiding-common-money-mistakes-that-young-adults-make
FAQs
How early should I start saving for my child’s education?
A: The earlier, the better. Starting at birth or even during pregnancy gives your money the most time to grow through compounding.
What is the best savings plan for education in 2025?
A: 529 college savings plans remain the most popular due to tax advantages, but consider your financial situation and investment preferences.
Can I save for my child’s education if I’m on a tight budget?
A: Absolutely. Even small, regular contributions add up. Prioritize savings by cutting unnecessary expenses and using automatic transfers.
How do scholarships affect education savings?
A: Scholarships reduce the amount you need to save but should not replace savings plans. Start saving early to cover unexpected costs.
Are 529 plans really worth it?
A: Yes, especially for their tax benefits and flexible use for qualified education expenses. Always review your state’s specific plan benefits.
![# 50/30/20 Rule: Does It Still Work in 2025? *Unlocking the budget blueprint that still bites—and where it flops* --- ## Introduction: The Budget Rule with Staying Power Remember the day you sat down with your paycheck, GPS set for financial freedom, and thought: “If only I had a simple rule to follow”? That’s where the 50/30/20 Rule comes in. First popularised by Elizabeth Warren in *All Your Worth*, the rule says: budget **50 %** of your after-tax income to “needs”, **30 %** to “wants”, and **20 %** to “savings & debt”. ([Investopedia][1]) In theory, it’s beautifully simple: a tri-bucket system that gives you structure *and* freedom. But it’s 2025. Costs have soared in many regions of the United States and Canada. Housing, groceries, insurance, and digital-living are no longer stable line items. So: **Is the 50/30/20 rule still realistic?** Does it still *work* for you—whether you’re in Toronto, New York, Vancouver or Miami? This post will walk you through: * What the rule is and why it worked. * What has changed in the financial landscape since its heyday. * Where the rule still holds strong—and where it simply fails. * How to adapt the rule for 2025 with practical tweaks. * A clear comparison table for quick review. * A strong conclusion and **5 FAQs** to clear the smoke. Let’s dive in. --- ## What the 50/30/20 Rule Actually Says Before we judge it, let’s make sure the baseline is clear. | Bucket | Percentage | Description | Examples (US/Canada) | | -------------- | ---------- | ---------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------- | | Needs | ~50 % | Essential costs: housing, utilities, groceries, transport, insurance, minimum debt payments. ([Investopedia][1]) | Mortgage or rent, groceries, car payment, insurance premium | | Wants | ~30 % | Discretionary spending: dining out, travel, hobbies, upgrades. ([LendEDU][2]) | Netflix subscriptions, weekend trips, new phone case | | Savings & Debt | ~20 % | Savings, investments, extra debt repayments beyond minimums. ([Nasdaq][3]) | Emergency fund, RRSP/401(k), paying down student loan early | **Why it caught on:** * It’s simple. * Easy to explain and remember. * Gives you both structure and freedom (you still have 30% for fun). * Helps protect your future by carving out savings. **Initial appeal in Canada & USA:** * With moderate income and moderate cost-living zones, many found it achievable. * It offered a roadmap without becoming overly restrictive. * It balanced living in the now and preparing for tomorrow. --- ## The 2025 Financial Landscape: What’s Changed? If you flick back to 2006 (when the rule was popularised), you’ll realise the world looks different. Here are key shifts: **1. Housing & Needs Costs Have Skyrocketed** * Cities like Vancouver, Toronto, New York, San Francisco, Los Angeles see rent/mortgage taking >30-40 % (sometimes >50 %) of after-tax income. * Utilities, insurance (health, car) and transportation costs have steadily risen. * Some experts argue the “needs” bucket should now be closer to 60 % in many markets. ([Nasdaq][3]) **2. Income Instability and the Gig Economy** * More people in contract work, side hustles, uncertain income streams. * Variable income makes fixed-percentage budgeting more challenging (you might have lean months). * Budgeting needs to be more flexible than static rule. ([Medium][4]) **3. Wants Have Broadened and Evolved** * Some “wants” are now quasi-“needs”: good internet for remote work, mental-health apps, upskilling platforms. ([Medium][4]) * Consumer behaviour changed: experiences over things, subscription fatigue, digital everything. * Thus, the 30% “wants” bucket may either shrink or take too much depending on your lifestyle. **4. Savings & Debt Burden Are Heavier** * Many are entering adulthood with student debt, auto debt, rental premiums. * Emergency funds have become more important, cushion for job loss or unexpected events. * The 20% savings target may be difficult if debt payments and “needs” are already high. ([LendEDU][2]) **5. Geographic Cost Variation is More Pronounced** * What works in rural America or smaller Canadian cities might fail in major urban centres. * One size doesn’t fit all; the rule’s rigid percentages may need local adaptation. Given all these shifts, it’s not surprising some financial professionals are asking: “Does the 50/30/20 rule still work in 2025?” --- ## Where the 50/30/20 Rule Still Works – And Where It Doesn’t Let’s go through the positives **and** the negatives—so you can decide how it stacks for you. ### ✅ What Works (Positives) * **Great beginner framework**: If you’ve never budgeted before, 50/30/20 is a simple start. Helps you see categories and gives you direction. ([Nasdaq][3]) * **Encourages savings and debt-repayments**: By reserving a savings bucket, it forces future-orientation, not just living for today. * **Fosters discretionary spending room**: The “wants” bucket lets you breathe; you’re not stuck in austerity mode. * **Easy to understand and communicate**: Whether you’re budgeting solo or as a couple, it sets a shared language. ### ❌ What Fails (Negatives) * **Unrealistic in high-cost living areas**: Many residents spend much more than 50% on “needs” already—leaving too little for wants/savings. ([Auswide Bank][5]) * **Rigid percentages may not fit variable incomes**: For freelancers or side-hustlers, monthly income fluctuates—three buckets may need monthly adjustment. * **Oversimplifies complex financial goals**: If you are aggressively saving for retirement, a house down-payment or paying off heavy debt, 20% might be too low. * **Doesn’t account for regional, age or life-stage nuances**: If you’re young, mid-career, retiree or living in rural vs urban — your optimal split might be very different. * **Ignores inflation and rising fixed costs dynamic**: The rule was created in a more stable cost era; it may feel “out-of-date” when grocery prices, rent, insurance all keep rising. In short: The 50/30/20 rule still **can** work—but you must treat it as a guide, not a mandate. You’ll likely need to adapt it to **your** reality. --- ## How to Adapt the 50/30/20 Rule for 2025 – Customisation Guide If you like the tri-bucket logic but find the rigid numbers don’t match your world, here’s how to adapt it. ### Step-by-Step Adaptation 1. **Track your after-tax income** * For USA/Canada: Net take-home pay (after federal/state/provincial tax, retirement contributions, etc.). * If income varies (freelancer/gig): compute a 12-month average or use a “lean month” average. 2. **List your actual ‘needs’ costs** * Housing (rent/mortgage + insurance + utilities) * Transportation (car payments, insurance, fuel/public transit) * Food/groceries * Minimum debt payments + essential insurance/healthcare * For 2025: don’t forget “internet” or “work-from-home tech” if essential * If sum > 50 % of income, you’ll know you need to tweak. 3. **Review your ‘wants’ and define them** * Dining out, subscriptions, travel, hobbies, upgrades, shopping * Distinguish “nice-to-have” vs “must-have for wellbeing” * Decide how you want to trade: Is your 30% realistic? Should you shrink it? 4. **Define your ‘savings & debt’ bucket** * Emergency fund (3-6 months expenses) * Intermediate/long-term savings (RRSP, 401(k), TFSA, etc) * Extra debt repayments (higher interest than minimum) * If you have aggressive goals (buy house, early retirement, etc) you may want >20%. 5. **Adjust your percentages in a flexible way** * Example alternatives: * 60/25/15 if your “needs” are high. ([Auswide Bank][5]) * 40/30/30 if your needs are low and you want higher savings. * Use a tiered model: When income increases, shift extra to savings rather than wants. 6. **Automate and monitor monthly** * Set automatic transfers for savings bucket. * Use budgeting apps (Mint, YNAB, etc) to track wants/leaks. * Revisit every 6-12 months or when your life changes (job change, baby, moving city, etc). ### Example Adapted Splits for North America Here are some *realistic* adapted splits you might consider, depending on your scenario: | Scenario | Needs % | Wants % | Savings & Debt % | Notes | | ------------------------------- | ------- | ------- | ---------------- | ------------------------------------------ | | Urban high-cost city (USA) | 60 | 25 | 15 | When rent/mortgage and essentials dominate | | Mid-income, moderate costs | 50 | 30 | 20 | Classic split suits here | | High savings focus (e.g., FIRE) | 40 | 30 | 30 | Needs low, savings high | | Variable income (freelancer) | 55 | 20 | 25 | Slightly conservative with wants | | Low income / high debt burden | 65 | 10 | 25 | Shrink wants, prioritise savings/debt | ### Tips for USA & Canada Context * In the **USA**: tax withholding, health insurance costs, and retirement savings (401(k), IRA) can impact net income and “savings” bucket. * In **Canada**: consider RRSPs, TFSAs, provincial healthcare, and higher housing costs in some provinces; cost of living in cities like Vancouver/Toronto may push “needs” above 50%. * Use local cost-of-living calculators to check whether your “needs” bucket is realistic for your city/region. * If you carry student debt, high interest rate credit cards or car loans, treat “extra debt payments” as part of your savings bucket — even if it’s technically debt. --- ## The Verdict: Does It Still Work in 2025? Yes — **with caveats**. The 50/30/20 rule remains a **valuable framework**, especially as a starting point or simple benchmark. But **no**, it doesn’t work *out-of-the-box* for everyone in 2025, especially in high cost-living areas or for variable income earners. Here’s a summary of the judgment: * **Works well** if: * You live in a moderate cost-area, or your “needs” are controlled. * Your income is stable and sufficient to cover essentials. * You are comfortable with moderate savings and want a simple plan. * **Needs adjustment** if: * You’re in a high-cost city where “needs” already eat up 60%+. * You earn income irregularly or your financial goals demand higher savings. * You’re in a life stage (e.g., aggressive debt pay-off, early retirement) requiring a different split. In short: Think of 50/30/20 as **the baseline compass**, not the final map. Use it to orient yourself, then customise. --- ## Practical Action Plan: Make It Work for *You* Here’s a step-by-step plan to put into action this week: 1. **Calculate your actual net (after-tax) income** for the last 3 months. 2. **List all your “needs” items** and total them up. 3. **Check what percentage** your “needs” are of that net income. * If >50%, you’ll need to restructure. 4. **List your “wants”** and see if the 30% bucket is realistic (or too high/low). 5. **Define your “savings & debt” goals** for the next year (emergency fund, retirement, house, debt-free). 6. **Select an adapted split** that better fits your situation (use table earlier). 7. **Automate transfers**: set up auto-transfer to savings/investments and auto-payments for debt. 8. **Review monthly**: especially if your income or circumstances change. 9. **Reassess annually**: cost of living, housing market, inflation all change—so should your budget. 10. **Remember flexibility is key**: The goal isn’t perfection. The goal is progress, consistency, and awareness. --- ## Conclusion: A Rule with Age —but Not Inflexibility The 50/30/20 rule has stood the test of time because it offers clarity, balance and simplicity. It still **works** in 2025—but only if you treat it as a **guideline**, not a fixed formula carved in stone. With costs, lifestyles and incomes evolving in North America, you must adjust the percentages, tailor the buckets to your reality, and ensure your budget reflects your goals (whether that’s owning a home, retiring early, or simply living with less financial stress). By doing so, you harness the power of the rule — the structure — while maintaining the flexibility needed for modern life in the USA and Canada. Use it as your launching pad, refine it and let it serve **you**, not the other way around. --- ## FAQs **Q1. Is the 50/30/20 rule based on gross or net income?** It is based on your **after-tax (net)** income—what you actually take home. ([LendEDU][2]) **Q2. What if I’m earning very little and cannot make the 20 % savings target?** That’s quite common. The key is to start with what you *can* save and gradually increase the savings rate as income rises or debt lowers. The framework remains helpful even at 5-10 %. ([LendEDU][2]) **Q3. If housing costs are more than 50 % of my income, should I abandon the rule?** Not necessarily. You should **adjust** the split. For example, increasing “needs” to 60% and reducing “wants” or “savings” temporarily might help you stay balanced. ([Nasdaq][3]) **Q4. Does this budget rule apply if I have irregular income (freelancer/gig worker)?** Yes—but you’ll need to adapt. Use a conservative estimate of monthly income (e.g., average of last 6–12 months). Consider building a larger buffer in “savings” during higher-income months. The fixed-percentage model becomes more flexible. ([Medium][4]) **Q5. Are there better alternatives to 50/30/20 in 2025?** There are several alternatives: * A 60/30/10 split if essentials dominate your budget. ([New York Post][6]) * An 80/20 (“pay yourself first”) model if you dislike tracking. * Zero-based budgeting (every dollar has a job) if you want rigorous control. ([LendEDU][2]) The best model is the one you actually follow. --- **Want a free Excel or Google Sheet template of this adapted budget with formulas?** I can build one tailored to Canada & USA versions if you like. [1]: https://www.investopedia.com/ask/answers/022916/what-502030-budget-rule.asp?utm_source=chatgpt.com "The 50/30/20 Budget Rule Explained With Examples" [2]: https://lendedu.com/blog/50-30-20-rule/?utm_source=chatgpt.com "What Is the 50/30/20 Rule, and Can It Work for You in 2025?" [3]: https://www.nasdaq.com/articles/does-50-30-20-budgeting-rule-still-really-work?utm_source=chatgpt.com "Does the 50/30/20 Budgeting Rule Still Really Work?" [4]: https://medium.com/%40whee.2013/the-50-30-20-rule-reimagined-modern-budgeting-for-the-2025-economy-3c7225363086?utm_source=chatgpt.com "“The 50/30/20 Rule Reimagined: Modern Budgeting for ..." [5]: https://www.auswidebank.com.au/news-blogs/articles/money-rules-that-still-make-sense-in-2025/?utm_source=chatgpt.com "Money rules that still make sense in 2025" [6]: https://nypost.com/2024/03/19/why-60-30-10-budget-is-replacing-50-30-20-method-amid-inflation/?utm_source=chatgpt.com "You're budgeting wrong now - why the 50/30/20 method no longer works and how much you should save instead"](https://finanme.com/wp-content/uploads/2025/11/maxresdefault-2-2-300x300.jpg)
