50, 30, 20 are the keys to financial success. But what do they mean?

Financial expert Alexandra Ramirez has organized an Aug. 3 conference, ExpoFinanzas Mujer, at FIU.
Financial expert Alexandra Ramirez has organized an Aug. 3 conference, ExpoFinanzas Mujer, at FIU. Cortesía

Financial expert Alexandra Ramírez recommends a tactic for saving that not only grows your bank account, but leaves you with a sense of well-being.

“The easiest way is to make an automatic transfer from your checking account to the savings account. Even if you start with a minimum amount of $25, in the future you can increase,” says Ramírez. People feel motivated by seeing the progress, she says.

Ramírez, author of the book “Conquer Financial Wealth in 21 Days,” mixes important concepts with a practical touch. Among them is the formula of 50, 30, 20, which she considers key to organizing personal finances.

50 percent of a person’s income should be distributed to cover the necessary and basic expenses such as food, gasoline, transportation and housing.

30 percent is for personal and entertainment expenses, such as the gym, clothes, outings.

20 percent is the ideal amount to be saved from salary.

Miami’s high cost of living makes this a difficult formula to follow. Ramírez suggests eliminating small daily expendable expenses that accumulate and drain the monthly budget — such as the $5 cup of coffee, impulse-purchase drinks at the supermarket, daily lunches out.

The key, she says: Start with small steps, so you can see that sacrifice pays.

Ramírez, CEO of Financially Fit Latina, is the organizer of the first ExpoFinanzas Mujer, a Spanish-language finance and business summit for women scheduled for Aug. 3 at Florida International University.

The event aims to empower women financially and offer business tools needed to start their own businesses.

The daylong seminar includes presentations by 18 speakers in such topics as sales negotiation and digital marketing. Bank representatives and experts from the Small Business Administration and Social Security Administration will be on hand. Entry to the show expo is free; admission to conference sessions is $60.

Details: ExpoFinanzas Mujer 2019, Aug. 3, from 8 a.m. at 5 p.m., at Florida International University, Graham Center Ballrooms, 11200 SW Eighth St. Register at, and 786-261-3924.