Many experts recommend that you earmark 50% of your income for “needs,” 30% for “wants,” and 20% for saving, debt repayment, and other priorities. There are several different budgeting strategies to choose from, including an "envelope" budget, where you tangibly lay out cash for each spending category, or the "pay yourself first" approach that prioritizes savings over paying other bills. https://www.insuracarelife.com/blog/life-insurance-for-seniors-over-60-in-california/