Budgeting is the key to running your finances smoothly. Whether you have a high or low income a budget is important to maintain the levels of spending and saving you can afford.

There are many different budgeting methods to choose from, but the 50/30/20 rule is a straightforward strategy. It suggests dividing your monthly income into three spending categories: 50 per cent for “needs”, 30 per cent for “wants” and 20 per cent for “financial goals”.

The Telegraph London