Example of what a "good" budget should be:
| Housing |
24% |
| Food |
14% |
| Health |
6% |
| Clothing |
6% |
| Transportation |
17% |
| Entertainment |
5% |
| Personal Insurance |
10% |
| Charity/Tithes |
5% |
| Savings and Other |
13% |
We know that every budget can be different, so here
are some basic recommendations.
- Your debt payments shouldn't be higher than 15%.
- Try to save or invest at least 5%.
- Mortgage companies generally desire your house
payment not greater than 25%. Rent or housing
expenses should be kept reasonably within your
means. Many people struggle in some areas due to
high rents or booming local economies.
Here are a few basic steps to be take in order to
obtain a viable budget. Your budget should
be specific to your needs and goals. There is no fixed
amount that works for every person or family. Try
to not take on another loan that would cut allotted food
expenses if you are already struggling to stay in your
budget. You can also thing of savings used for
emergencies and goals as sort of a bill. It is all
on how you look at it.
Email us with "any"
questions as we are happy to assist. |