Personal Finance

May 8, 2018

Budgeting and saving

 

Your Budget by the numbers

 

Creating a livable budget seems confusing, but its really simple when you start with the big picture.

 

The best getting-started guideline is 50-30-20 rule. That standard helps define you big spending buckets, but allows flexibility inside the buckets based on your unique situation.

 

Big Spending Buckets

 

NEEDS 50%

 

Housing, Food,Car,Medical , work-related expenses,minimum payments. Your Needs bucket holds everything you absolutely must have to survive-the basics. Not sure how much budget for housing or transportation? Follow these guideposts ( and stay inside the 50% bucket cap )

 

Housing (including utilities)......................................................              25-30%

Food (basic groceries)......... ...............................................                       5-10%

car (including insurance and gas)......................................................       7-10%

Medical (including health insurance)................................................         5-10%

Work-related expenses ( including child care)..................................         5-10%

Minimum debt payments (credit cards and personal loans.............          2-5%

 

 

WANTS 30%

 

Clothing,Entertainment,vacations, Restaurants

 

SAVING & INVESTMENTS 20%

 

Emergency Fund,retirement plan, Extra debt payments

 

 

 

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