Tracking your finances doesn't have to be complicated.
A budget starts with a list of your income and your expenses. There are plenty of tools you can use to manage your money from there, but one of the most simple strategies is the 50-30-20 rule.
And it's pretty straightforward: You split your money between your needs, wants and savings, according to those ratios.
Here's a case study.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Chicago Catch-Up newsletter here.
CNBC crunched the numbers, and we can give you an idea of what your budget should look like if you make $50,000 per year. Check out this video for a step-by-step guide to making a budget that will work for you.
More from Invest in You:
What your FICO score means and why you should pay attention
Josh Brown: How I explain the stock market vs. the economy
How insurance premiums and deductibles work
CHECK OUT: I made $1,000 by taking pictures with this easy side hustle via Grow with Acorns+CNBC.
Money Report
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
