Budgeting every paycheck will help you get more out of your money. Watch this video to see how you should allocate your salary if you make $50,000 per year. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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 503020 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.

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 stepbystep guide to making a budget that will work for you.

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