The 50/30/20 rule is a simple way to plan money: 50 percent for needs, 30 percent for wants and 20 percent for savings and debt repayment.
Needs
Rent, food, transport, utilities, school fees and minimum loan payments.
Wants
Eating out, entertainment, new clothes and upgrades.
Savings
Emergency fund, SACCO, unit trusts, voluntary NSSF savings and investments.
Adapting it to Uganda
Many Ugandans support extended family. Make it a budget line instead of a surprise. If needs exceed 50 percent, start with 60/20/20 and work towards the target.
Tools
Spreadsheets, budgeting apps or separate envelopes for cash.
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