![]() ![]() Since this is based on what people actually spend and it varies so much by family, location, I wouldn. So that’s the average, based on statistics gathered from the US Bureau of Labor Statistics Consumer Expenditure Survey. The 70/20/10 budget rule works by allotting 70% of your income for monthly bills and everyday spending such as cell phones, groceries or utilities, then 20% goes to saving and investing and 10% goes to debt repayment. Transportation (car payments, gas, service) 14.-Transportation or auto services: 10-15% Many of these are pretty big ranges, leaving a lot of room for personalization. If you’re the visual learner type, here’s a chart that shows you what the Dave Ramsey budget percentages look like in action.Depending on your personal finances, your percentages may look a bit different. -Insurance, such as life, medical, home or auto: 10-25% Here are Ramsey’s recommended budget percentages for 11 categories in descending order: Note: These recommendations are just guidelines.Though breaking down your budget in percentages is based on your unique financial situation, here is a good general breakdown:.should all be considered when coming up with where you should be on this spectrum for spending. ![]() Cost of living, dietary restrictions, etc. What percentages should you use for your budget? Dave recommends 5-15 of your budget goes to food.The remaining 30% of your income is for discretionary spending. That leaves 50% for needs, including essentials like mortgage or rent and food. The popular 50/30/20 rule of budgeting advises people to save 20% of their income every month.Here are the answers to some of the most frequently asked questions regarding budget percentages. ![]()
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