Budgets are 'pointless,' one financial coach says—here's what to do with your money instead investinyou (In partnership with acorns.)
The first step is to split up your income into four categories: fixed costs, investments, savings goals and guilt-free spending money. Fixed costs, which are expenses like rent, groceries and student loans, will likely require up to 50% to 60% of your income, according to Sethi's guidelines. Investments, including your 401, Roth IRA and taxable investing accounts, should make up about 10%, while savings for goals such as vacations or a down payment on a home make up 5% to 10%.
[Budgets] make us feel bad about ourselves, they don't provide any forward-looking information — they're just pointless."It's time to stop wondering where all your money goes each month," Sethi writes. For example, instead of tracking all your spending meticulously, pick something you really want to spend on, such as a vacation. Assume it would cost $1,200 and you want to take this trip a year from now.
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