Budgeting Basics
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Lesson Slides
Budgeting Basics
Open the full interactive presentation — covers the 50/30/20 rule, three buckets, and your first action step.
Key Notes
What is a budget?
A budget is simply a plan for your money. It tells your dollars where to go before the month starts, instead of wondering where they went at the end. Think of it as a WOF for your wallet — a regular check-up to make sure everything's running smoothly.
The 50/30/20 rule
A simple starting point: spend 50% of your take-home pay on needs (rent, food, power), 30% on wants (eating out, subscriptions, fun), and put 20% into savings or paying off debt. Adjust the percentages to suit your situation.
IRD and your tax code
When you start a new job, you fill in an IR330 tax form for IRD. Getting your tax code right means you won't get a nasty surprise at the end of the year. If you're unsure, 'M' is the standard code for your main job.
Your first savings goal
Start with an emergency fund — aim for $1,000 as your first milestone, then build to 3 months of expenses. Keep it in a separate high-interest savings account so you're not tempted to dip into it.
Quick Check
0/3 answered
Q1.In the 50/30/20 rule, what percentage should go toward savings or debt repayment?
Q2.What IRD form do you fill in when starting a new job?
Q3.What is a good first savings milestone for an emergency fund?