It's crucial to build solid personal finance abilities as you pursue your CA, CMA, or CS credentials. This post will discuss the 20-30-50 rule, a practical financial management principle. We'll also go over ways that you can work online while still completing your education.
Section 1: Understanding the 20-30-50 Rule
To save, spend on wants, and pay for necessities, divide your money into three equal portions.
1. 20% of your salary should be saved.
2. 30% of your salary should be used for non-essentials.
3. Pay your bills, rent, and other essential expenses with the remaining.
With a part-time work, let's say you earn 10,000 a month. According to the 50-20-30 rule, your income should be split into the following three groups:
Pay for important expenses with half of your salary, or 5,000.
Rent, groceries, transport, and bills are a few examples of necessary expenses.
You must pay these bills each month in order to maintain your standard of living.
Save up two thousand Rupees, or 20% of your income.
For unforeseen expenses and crises, saving is crucial.
It's afuture needs and emergencies.
It's a good idea to build up an emergency fund or save for specific goals like
further education or a trip.
Use 30% of your income (₹3,000) for discretionary spending.
Discretionary spending is for things that aren't essential but bring you joy or
This can include going out with friends, buying books or hobbies, or enjoying
Section 2: Online Earning Opportunities for Commerce Students
2.1 Online Freelancing Platforms
2.2 Tutoring and Education Platforms
2.3 Entrepreneurial Ventures
Utilize your commerce skills to sell products online, whether it's handmade crafts,
clothing, or digital goods.
**Before beginning work on any site, it is essential to check the rules, payment schedule, and reputation to confirm validity. Finding real earning prospects will be easier if you create a great profile, highlight your qualifications, and act professionally.
Commerce students have access to various online platforms that offer part-time earning opportunities. By following the 20-30-50 rule and exploring websites like Upwork, Freelancer, Fiverr, Chegg, IndigoLearn , Shopify, and Etsy, you can earn money while studying. Remember to manage your time effectively, maintain discipline in personal finance, and invest in your future for long-term financial success. With dedication and smart financial choices, you can achieve both acade
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