Using the 50/30/20 Rule to Pay Off Debt

Want to structure your finances so you can pay off credit card debt and still live comfortably? Try the 50/30/20 rule.  Here’s how it works: 50% of your income goes toward your needs, like housing, utilities, and groceries. 30% is for your wants, like entertainment and dining out. And the remaining 20% should go toward savings and debt repayment.  By prioritizing debt repayment in your budget, you ensure that you’re consistently making progress toward paying off your credit card balances. Even if you’re only able to allocate a small amount initially, every little bit counts.