Money management can be overwhelming for someone who just starting out. Paydays become less exciting when you realize how much of your hard-earned cash is being taken out for taxes, healthcare and your 401K. The majority of the money you're left with goes towards Adult Things and when you're done accounting for those, there's not a ton left over. It's less stressful to just turn a blind eye on your spending, but that can get risky, and you'll most likely find yourself overspending.
TikTok user @margaretskiff posted a TikTok sharing how she manages her $82k salary that she receives in bi-weekly installments. Her method is a great starting point for folks who want to learn more on how they can budget and save money.
Margaret follows the 50-30-20 model when budgeting. She sets 50% of her salary (after taxes) away for necessities like rent and groceries, 30% for savings and 20% for wants. She also emphasizes that while she tries to stick to this budget as strictly as possible, there are some instances when she overspends, and that's okay!
Other TikTok users found this video to be incredibly helpful. "This is a super detailed budget! I'm going to start doing this," @drdedediva said. "I'm going to start budgeting this way!" @minerva_n said. Hopefully, it helps [stop[ me [from] spending on nonsense."
This budget, though basic, is tried and true. If you're just getting into money management, or if your current method of budgeting isn't working out, give this a try.