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Are You Financially Well Off?

Most people would say that they have their finances under control and could handle some unexpected expenses. However, do you follow the spending and savings 50/15/5 rule and feel confident about the amount of money you have saved for retirement? I am going to guess that most people do not follow the 50/15/5 rule and often put saving for retirement on the back burner. Continue reading to get yourself back on track and become more financially well off.

According to Fidelity you should follow the "50/15/5 spending and saving rule of thumb." Which means, 50% of your take home pay should be used on monthly essentials (rent, auto payment, utilities, groceries, debt), 15% of your pretax income should be put into retirement, 5% of your take home pay should be put into savings for your emergency fund, and the rest (30%) can be spent on whatever you want. The spending and savings rule of thumb is quite simple and forces you to live within your means. With vacation season coming in full bloom try to slowly start implementing the 50/15/5 rule and you will feel 100% better about your financial well being.  

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