Master Your Money: Use 70/10/10/10 Formula to End Financial Shortages

• Implement the 70/10/10/10 formula to manage finances effectively, even with good income.
• Allocate 70% of salary for essential living expenses like rent, groceries, and utilities.
• Dedicate 10% to long-term investments (e.g., mutual funds, retirement plans) and another 10% to short-term emergency savings.
• Use the final 10% for high-interest debt repayment or personal growth and skill enhancement.
• Experts advise using a separate account for essential expenses and customizing the formula to individual needs.

Why It Matters: The 70/10/10/10 formula helps manage finances by dividing income for expenses, savings, and growth.