50/30/20 Budget Rule for the New Month


Happy New Month!

The year is gradually coming to a close! As we begin this new month, here is the best approach to take to attain your financial goals.

In layman terms, The 50/30/20 budget rule simply states that 50% of your gross income attends to your needs, 30% attends to your wants and 20% goes to your savings!

First, how much is your monthly income?

Let’s do a quick mathematics (for those who don’t like maths, trust me, this would be fun!)

If you earn 50,000 naira monthly, here’s what happens:

50% of 50,000 naira = 25,000 naira

30% of 50,000 naira = 15,000 naira

20% of 50,000 naira = 10,000 naira

Therefore, 25,000 naira would attend to your needs, 15,000 naira would attend to your wants while 10,000 naira would be saved monthly.

At Cloud Cooperative, 10,000 naira falls under our Silver Membership package.

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Apply this budget rule and see how you gradually attain your financial goals. Don’t forget to follow us across all social media platforms.

To join Cloud Cooperative, register here.

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