So, how did that 50/30/20 rule of budgeting work out for you last year? You know, the one that says we should all spend no more than 50 percent of our income on necessities, allow 30 percent for discretionary items and sock away at least 20 percent for savings ? Hoping for better results this time, right?

Truth is, the 50/30/20 formula eludes most of us. Some 69 percent of Americans have less than $1,000 in savings , and that includes many people near retirement age. Its understandable: Housing and rent prices are at all-time highs, our incomes dont allow for much discretionary spending, and many people enter the workforce already in debt from college loans. Saving anything let alone 20 percent of a stretched-thin income seems highly challenging.