If you're wondering where your budget is lacking, this one's for you.
| This email is coming from an unmonitored email account. Please do not respond to this message. | | | TOP STORY | | | | The week in review | | | | - More Americans filed for unemployment, with the number of first time filers at the highest level since August. Continuing jobless claims also rose more than expected, reaching their highest level in nearly two years.
- Homebuilder sentiment declined to its lowest level in a year as high interest rates keep mortgage rates elevated, unchanged at 7.61% for the average 30‑year fixed rate mortgage last week.
- October wholesale inflation fell 0.5%, the largest drop since April 2020, further bolstering the idea that the Fed may be done raising interest rates.
For more economic news, visit On the Money—SoFi’s one‑stop‑shop for news, trends, and tips! | | | | | | | | Here’s a simple budgeting trick | | | | If you’ve been tracking your spending, know where your money has been going, but are wondering where your budget is lacking, this one’s for you.
Enter the 50/30/20 rule.
This budgeting guideline divides your take home pay into three categories with 50% going to your essential needs, 30% for discretionary spending, and 20% into savings.
Ready, set, budget
The needs category includes your necessities like housing, food, utilities, and health care, as well as payments on things such as student loans, car loans, and your credit card.
The wants category includes expenses like gym memberships, dining out, travel, and entertainment. It’s essentially the spending you could trim if you needed to free up some cash.
While the savings portion of this budget is the smallest, it’s still very important. Committing 20% of your income to things like your retirement account, emergency fund, or savings for a down payment for a home can make the difference in your financial security.
Keep in mind that this isn’t a hard rule, but rather a budgeting guideline. For instance, if you live in an expensive city, you might need a larger share of your income to cover your housing costs.
If you’re ready to amp up your money, a SoFi Checking and Savings account can help. We make it easy to open an online bank account and—if you sign up for direct deposit—you’ll earn a competitive APY on a qualifying account. | | | |  | | | | | | | | This week’s top stories | | | | | | | | These destinations are winning as Americans leave the coasts behind | | | | Here are some hints: warmer weather, lower tax rates, and lower home prices… at least for now.
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Read More >> | | | | | | | | Deep Dives from SoFi Learn | | | | | | | | Everything you need to know about building an emergency fund | | | | Ideally you’d want six month’s worth of living expenses in your emergency fund. But your final number may vary depending on your age, cost of living, and dependents. Learn more about how to build your nest egg.
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