Using ratios to budget your cash will help you get more out of your money. Watch this video to see how you should allocate your salary if you make $40,000 per year. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

A simple spreadsheet is all you need to create a budget.

There are countless free or affordable tools if you prefer techsavvy solutions, but the 503020 rule can be a quick and easy option to get your finances under control.

And it’s pretty straightforward: You split your money between your needs, wants and savings, according to those ratios.

Don’t be discouraged if your categories don’t add up at first. The more you track your spending and keep an eye on it, the better you’ll be at getting more out of your money.

Here’s a case study.

CNBC crunched the numbers, and we can give you an idea of what your budget should look like if you make $40,000 per year. Check out this video for a stepbystep guide to making a budget that will work for you.

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