Financial wellness is often viewed as a complicated topic, but it doesn’t have to be. One of the best approaches to taking care of your finances is also one of the simplest — the 50/30/20 rule.

The 50/30/20 rule was coined by then-Harvard Law School Professor and current U.S. Senator Elizabeth Warren in her 2005 book “All Your Worth: The Ultimate Lifetime Money Plan.” The idea is to break your spending down into three categories, then allocate each a corresponding percentage of your monthly take-home salary:  

• 50 percent for needs, such as mortgage/rent, groceries, and utilities 
• 30 percent for wants, which include expenses like going out for dinner, streaming subscriptions, and charitable giving
• 20 percent for savings and paying off debt

Warren created the 50/30/20 rule to demonstrate that financial wellness doesn’t have to be complicated. That’s the same spirit the Spave app brings to financial wellness.

Spave — named after a combination of the words spend, give, and save — is a free app that empowers its users to transform their spending for good. Spave uses everyday spending to grow your account. You choose the percentages you want to save and the app will track your progress and help you budget for life. It makes controlling your personal finances easy. The things you need today can help you get what you want tomorrow.

Unlike apps such as Acorns or Mint that allow users to round up transactions, Spave is all-inclusive. It’s the first and only all-in-one financial wholeness app that focuses on giving and inspiring social good, allowing users to set up recurring donations to nonprofit organizations. Spave is connected with more than 1.5 million accredited charities, so you can find a cause you’re passionate about. Once you set up the amount you want to donate, you don’t have to think about it. The app will track your donations for you. 

Spave can also track and analyze your purchases and progress toward your goals. The app takes care of all the details so you can focus on living. Spave helps you get to that beach, that house, that special personal goal. Little by little, your money grows, until a little becomes a lot. And you’ll always know where you stand financially, so you can relax and enjoy greater freedom.

Download the free Spave app in the App Store or Google Play.