While getting on a budget is one of the best moves you can make for your finances, not all budgets are created equal. Personally, I love zero-sum budgeting because it forces you to give each dollar a job and reduces waste. But really, any type of budget is helpful as long as it pushes you to evaluate your spending and save more money over time.

Still, there are certain types of budgets I simply cannot get behind – like the 50/20/30 budget, for example.

I get the concept to a certain degree, and I understand that different budgets work better for different people. Still, I think the 50/20/30 budget leaves too much room for error, complacency and overspending. And for high-earners, this type of budget is absolutely insane.

What is the 50/20/30 Budget?

The 50/20/30 rule for budgeting attempts to simplify the budgeting process. Essentially, you divvy your take home pay into percentages defined by your budget. With the 50/20/30 budget, fifty percent of your money is set aside for needs, twenty percent for savings or debt repayment, and thirty percent is earmarked for discretionary income. Pretty simple right?

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