New Delhi, Aug. 13 -- "How is it only the 13th of the month, and I'm broke again?" A question that may often arise among people who receive their paycheck on the first day of the month. Even after getting the salary only two weeks ago, the money seems to vanish faster than expected, with expenses such as rent, EMIs, groceries, weekend plans and shopping often leading to a promise to plan finances better next month.

In order to avoid a situation in the future, here is a detailed guide on a budgeting method called the 50/30/20 rule, which may help you plan your finances better.

The 50/30/20 rule is a budgeting strategy that divides total income after tax into three categories, where 50% is spent on needs, 30% on wants, and 20% on savings....