50/20/30 Rule for setting up budgets

VinnG70

Can this be incorporated into the software?

Jim_Harman

For those not familiar with it, the 50/20/30 rule is an approach to budgeting. See for example

https://www.investopedia.com/ask/answers/022916/what-502030-budget-rule.asp

This would be easy to implement in a Quicken budget by setting up Category Groups for needs, wants, and savings.

VinnG70

Thanks for the quick response. Is it possible to see how well one fits into the rule , say via reports generated, percentages seen, etc. I'm lazy and am burned out on complicated thinking, lol. I did however create the Categories for each.

Jim_Harman

The key would be to create what Quicken calls Category Groups and assign your spending Categories to them. These are not the same as Categories and Subcategories.

Thus for example Groceries, Insurance, Medical, Rent, Utilities, etc. would be in Needs.

Other spending would be in Wants.

The Cash Flow or Current Budget reports can be organized (subtotaled) by Category Group.

You should experiment with a copy of your data file to see what works best for you.

VinnG70

Thanks again. I'm experimenting currently, re-assigning some past expenses from this month to see how well they fit in to the rule. A bit tedious, but worth it.