There are methods to make sure that one is not spending the mortgage money on luxury services.

I save money
I save money

Did you set a goal to save in 2020? Experts recommend starting by putting together a budget

Robert Lopez, financial advisor and founder of the financial planning company FP Guidance, advocates a similar strategy. While some people prefer to have it all in one bank account, he says that having separate accounts for separate things can help, especially if you name it.

Making a budget can be boring, but there are ways to make it easier. Here are some tips on how to keep track of your income and expenses , so you can have time and money to do the things that make us more fun.

THE PROPORTION 50/30/20

There are countless budgeting techniques available, but one of them is particularly effective and easy to remember: The 50/30/20 ratio .

For this, expenses such as mortgage, rent, car payments and electricity bills must be taken into account, as well as more variable expenses such as travel or streaming services.

In summary: take the income and from them do not spend more than 50 percent on fixed expenses such as the mortgage. To allocate 20 percent to savings and to cancel debts and of the remaining 30 percent use it for various expenses.

Katie Brewer, a financial advisor who works at Your Richest Life, favors this system for its flexibility.

“It’s much less expensive than having to put $ 200 for this, $ 300 for the other and 127 for the other,”

says Brewer.

It is also a relief because this method allows you to spend money on things that are important to you, your family or your lifestyle.

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