Use the 50-20-30 rule to manage spending. Apply 50% of your take-home pay to needs such as the mortgage, rent, utilities, groceries or transportation, 20% to savings, investments, and debt payments, and no more than 30% to your wants or flexible spending, such as travel or entertainment. These are not exact percentages and you can change them to work for you. But, the rule is a good starting point for creating a financial plan.

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