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Heres how much of your paycheck experts recommend youallocate to bills.
They need to track their spending and make a budget based on that.
Then, they make spending adjustments where they can.
Prioritize needs first, savings second and wants third.
While these are welcome ways to spend money, they arent necessarily essential.
Its important to keep necessities in their place of priority and nonessentials as secondary, she said.
After that, its important to build a buffer fund, he said.
It keeps you afloat during low-paying months and smooths out the highs and lows of freelance or gig work.
The saving percentage should be based on a long-term plan you make, DiSanto said.
People also tend to get locked in high fixed costs like rent or car payments, he warned.
Sometimes even a small cut like changing phone plans or negotiating subscriptions can be a huge help.
All other subscriptions or eating out can wait if necessary.
In those cases, its time to reassess and look for any room to scale back or renegotiate expenses.
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