What is the 50 30 20 rule?

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings . The savings category also includes money you will need to realize your future goals.

How to make money as a hippie?

There is no one answer to this question, as hippies can earn money in a variety of ways. Some may sell their art or crafts, while others may work odd jobs or perform music or street theater . Many hippies also rely on government assistance programs, such as food stamps and Social Security Disability Insurance.

What is the 30 day rule?

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy . During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

What is the 40 40 20 budget rule?

The 40/40/20 rule comes in during the saving phase of his wealth creation formula. Cardone says that from your gross income, 40% should be set aside for taxes, 40% should be saved, and you should live off of the remaining 20% .

How to budget $4,000 a month?

For example, say your monthly take-home pay is $4,000. Applying the 50/30/20 rule would give you a budget of: 50% for mandatory expenses = $2,000 (0.50 X 4,000 = $2,000) 30% for wants and discretionary spending = $1,200 (0.30 X 4,000 = $1,200)

Is the 50 30 20 rule outdated?

If the 50/30/20 budget was once considered the golden standard of budgeting, it's not anymore . But there are budgeting methods out there that can help you reach your financial goals. Here are some expert-recommended alternatives to the 50/30/20.

What is the disadvantage of the 50 30 20 rule?

Drawbacks of the 50/30/20 rule: Lacks detail . May not help individuals isolate specific areas of overspending. Doesn't fit everyone's needs, particularly those with aggressive savings or debt-repayment goals.

What is the 50 30 20 rule of budgeting examples?

For example, if you earn ₹ 1 lakh, you can allocate ₹ 50,000 to your needs, ₹ 30,000 to your wants and ₹ 20,000 to your savings, every month .

Why is the 50 30 20 rule good?

The 50/30/20 rule is designed to help you reach your long- and short-term goals. For example, expenses in your "wants" category are typically short-term goals, while your "savings" category is usually for long-term goals.

7 Ways to Save Money Like a Hippie (2024)

7 Ways to Save Money Like a Hippie

It seems like being a “crunchy mama” or a “hippie” is so desirable yet unattainable. Everyoneseems to be pushed toward being a hippie mom, but almost everything that comes along with being a “hippie” is outrageously expensive! “Youmust only dress your baby in 100%, humanely-raised fair trade, organic, read-bed-time-stories-to, cotton… that costs $80 for a single onesie!” And this is coming from a self-proclaimed hippie: that’s insane.

Here’s the truth: I’m not really a hippie. I’m justcheap frugal!

Someone asked me “so, are you a hippie or something? Do you shave your armpits and shower?” I then realized everything that I did to pinch pennies was also being a hippie! (Side note: yes, I shave my armpits and shower! Nip that one in the bud right away!)

You don’t need to spend money to be a hippie or a crunchy mama! With all the mommy guilt going on, you don’t need to feel like you have to go into debt to be doing “the right things” for your family!

There’s plenty of things that you can do that will save you money when you compare them to doing the “normal” alternatives.

Cloth diaper

Ilove cloth diapers! They have saved me thousands of dollars since I started using them. The full breakdown about how I cloth diaper two children while spending $276 on the diapers themselves and $20 annually for laundry for the cloth diapersis extremely detailed, but here’s the quick rundown:

$126 for 14 diapers from Zulilly
$15 for a diaperpail
$15 for a diaper pail liner
$120 for 4 packs of the 6Amazon diapers

Brings my up-front cost for cloth diapering to $276 for 38 diapers!

Add in making your own laundry detergent for $20 a year, and you’re at a resounding $316 for 2 years of diapering 2 children. Compare that to the $2,000 or more that I would’ve spent using disposable diapers and there’s no comparison.

Clean up your cleaning products

If you make your own cleaning products then you’re saving money, you know what products are in your house, AND you’re making one less product to go to the dump. Here’s what we do for cleaning products:

Make your own laundry detergent

It’s simple, easy, lasts my family of 5 a year, and it costs a total of $20 (depending where you shop).

Make your own all-purpose cleaner

The best basic recipe:1 part vinegar, 1 part water, 6 drops of lemon or sweet orange essential oil. This mixture can go almost everywhere, and really gets the job done!

Stop buying paper towels

Buy a few towels at the thrift store, and cut them up into rags. You can get 10-12 rags from each towel, and they can be used for everything from wiping up the baby after dinner, to wiping off the kitchen counter. (Don’t worry. We keep a spare roll for when company comes over!)

Essential oils instead of air fresheners

Essential oil diffusers actually have health benefits, instead of just masking odors. The aerosol isn’t good for the environment either. Plus, you can use essential oils in so many different ways (rollerballs, diffusers, in pregnancy, and more)!

Make your own toothpaste

Since making our own toothpaste, we’ve also stopped needing to get cavities filled! You can actually make your own highly effective toothpaste with things you have in your kitchen right now: coconut oil, baking soda, and peppermint essential oil.

Shop second hand

Thrift shopping and going to yard sales are the only wayI buy clothes for my family! Thrift stores, second-hand shops, and even your local Goodwill or Salvation Army have high standards for the items that they accept and won’t sell anything that is ratty, dirty, beat up, or just overall something that you wouldn’t want to own.

Think of it like recycling: you’re saving something that would have otherwise been headed to a dump! Not to mention, if you know where to look, you can get some amazing stuff for next to nothing.

Buy used cars

You can get so much more for your money with a used car! When we were expecting our third child, we knew that the only way that we would be able to afford a minivan was if we bought it used.

We got our 2008 Honda Odyssey that had been a rental car, with 85,000 miles, leather, DVD, and a clean Carfaxfor $11,000! There’s no way that we could’ve done that without buying a used car!

Become a one car family

Iwon’t lie, it is tough sometimes. But it is absolutely worth it! Back when we were living off of $17,000, we went without a second car for a long time.

With a little planning and a lot of determination, it’s feasible.Still having trouble picturing it? Imagine cutting your gas bill, car payments, and insurance payments inhalf.

Buy scratch-and-dent

Scratch-and-dent stores sell items at a deeply discounted price because the item has a visual flaw, not a mechanical one. This applies to major appliances and even groceries. We got a brand new $800 dishwasher for $250 because it has a tiny scratch on the underside of the handle. And our scratch-and-dent discount grocer is the only way that we’re able to stick to our $75 a weekgrocery budget!

Line dry clothes

Slice your carbon footprint in half is by line drying your clothes. The dryer is one of the most expensive appliances to run in the whole house! Especially in the summer, line drying is a great way to get clothes dry.

Invest is a nice sized drying rack, put it in the sun and tada!Dry clothes courtesy of solar power! It works as a natural bleach alternative, too.

You don’t need to be world’s biggest hippie to do hippie things. After all, almost all of these seemingly “hippie” things really are just ways to save you thousands of dollars! I’d much rather be called a “hippie” than a “cheapskate,” anyway!