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The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs.
With the 50/30/20 budget, the idea is that you will dedicate 50% of your monthly income toward essentials, 30% toward “wants” and 20% toward your savings.
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The United States federal budget for fiscal year 2022 ran from October 1, 2021, to September 30, 2022. The government was initially funded through a series of four temporary continuing resolutions.
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The budget breaks your money up into three simple chunks: needs, wants and debt and savings. Sounds simple, right?
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