Concept of the Month: 70, 20, 10

Sometimes it’s hard for us to save money.  There are things we want and need, and even though we keep our money in the bank, we sometimes find that our savings isn’t increasing as we’d like!  This month, we bring you a helpful tip we call “70 20, 10.”  Read on to learn how to save more money each month!

The Basics

The concept “70, 20, 10” means that you should try to split your income like this:

• 70% spend
• 20% save
• 10% share

What is income?  Income means any money you have “coming in.”  For example, you might receive money as a birthday present, or you might earn money by walking your neighbor’s dog every week.

Why 70, 20, 10?

Splitting up your income is a great way to budget your money, to know how much you have, and to be able to put away money to save and share, too! 

A Helpful Tip

Split your piggy bank into three sections, or get three jars and label them. Watch your money grow and think of all the fantastic ways you can spend, save, and share your money! 

Practice

Are you ready to give 70, 20, 10 a try?  Here’s a worksheet where you can practice, and then why don’t you try it for yourself!  After a few months, count your savings and see if 70, 20, 10 has helped you save money.  If you are hoping to save more, feel free to adjust the percentages–you could try to spend 50%, save 40%, and share 10%.  Happy saving!