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  • Create Date December 15, 2020
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CVHODL Budget Plan

Many people spend money they do not have and are not prepared financially if an emergency occurs, because they do not utilize a budget.

A budget is a financial plan that helps you track your income, expenditure, and savings. It is important because it can keep you out of debt or help you get out of debt.

A budget also helps you forecast for the things you want to do in the future, like purchasing a home, going on a vacation, or personal development. It visually maps future expenditure.

If you want to live a financially stable life, it is crucial that you budget your finances.

There are good and bad budgets. Many "financial gurus" promote the 90-10 budget. What is the 90-10 budget?

๐Ÿฆ Save 10% of your income monthly
๐Ÿ’ธ Spend 90% (Bills, Entertainment, Food, etc.)

This budget is inadequate because it focuses on saving. In our previous post (Understanding the Hidden Tax), we explained that your savings lose value due to inflation, which is the Hidden Tax.

Here are two alternatives to the 90-10 budget:


The 75-15-10 budget - designed for persons with a family:
๐Ÿ’ธ 75% - used for Spending
๐Ÿ“ˆ 15% - used for Investing
๐Ÿฆ 10% - used for Saving


The 50-30-20 budget - designed for persons with little or no financial responsibility:
๐Ÿ’ธ 50% - used for Spending
๐Ÿ“ˆ 30% - used for Investing
๐Ÿฆ 20% - used for Saving

For both these budgets, after you have 6-monthsโ€™ worth of expenses saved, you want to stop saving and start investing that 10% or 20% of your income that you were saving.

Depending on the plan you follow, you are putting to work (investing) 15% or 30% of your income every month. If your investments are passive, you can earn even higher returns on your investment by compounding your gains annually.

Commit to this strategy long term (5+ years) and watch your wealth grow. ๐ŸŒฑ๐ŸŒณ

We developed a user-friendly Monthly Budgeting Plan with six key areas to help you get started with your financial planning. Get your copy attached below!

Remember, your financial future is your responsibility!



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