The 50/30/20 glow-up
Lesson 2 of 6 in our free Budgeting guide: a 5-minute money game with the key points below.
This lesson is in the full version.
Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Budgeting is free for everyone.
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Questions you'll answer
You take home £1,200 a month. Under 50/30/20, how much goes to savings/debt?
Quick facts
- Phone contract → Needs. You need a phone for work and safety — the plan size is the negotiable bit.
- Gym membership → Wants. A want (a good one!). Free parks and uni sports exist.
- £25 into emergency pot → Savings/Debt. Paying future-you first.
- Groceries → Needs. Need.
- Concert tickets → Wants. Want. Worth it? You decide.
- Extra £20 off overdraft → Savings/Debt. Debt repayment sits with savings.
- Myth: “You need a high income before budgeting is worth it.” — Budgeting matters MORE when money's tight.
- Fact: “Your budget should include fun money.” — Zero-fun budgets get abandoned by week two.
- Myth: “Checking your bank app makes overspending worse.” — Avoiding it does. Looking regularly is what works.