MUNMUN NATH

There is a 50/30/20 rule of thumb in personal finance, which says one should spend a maximum of 50 percent of his income on necessities, a maximum of 30 percent on discretionary items, and at least 20 percent goes toward savings. But if you are spending 50 percent of your income on discretionary items with little or no savings, then you could fall into the vicious cycle of debt and end up living from paycheck to paycheck.

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