What is the 50/30/20 budget rule and can it help you achieve your savings goals?

What is the 50/30/20 budget rule and can it help you achieve your savings goals?

The popular budgeting strategy provides a simple way to manage finances

The 50/30/20 rule was created by US senator Elizabeth Warren. Photo: Getty

The 50/30/20 rule divides monthly income into three broad categories. Photo: Getty

Giving your savings account a specific purpose will make you less likely to dip into it. Photo: Getty

Everyone has heard of it. It’s even a meme, a TikTok hashtag and a template for how to live your life.

But what most people probably don’t know is that the 50/30/20 rule is not only embedded in good economic principles, but the creator of it was none other than US senator Elizabeth Warren.

The former Harvard lawyer, bankruptcy expert and current Trump-botherer devised the nifty