What is the 30-30-30-10 rule for income planning?
The 30-30-30-10 rule is a budgeting strategy that divides one's monthly income into four parts. As per the rule, one should set aside 30% of their income for everyday expenses (utilities, groceries, transportation etc.). Further, 30% of their income should be set aside for investments, 30% for retirement savings and 10% for emergency expenses.