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Recommended Personal Budget Category Percentages Debt Settlement Truths - Answering the Critics A Review of LifeLock ID Theft Protection Service Will I Owe the IRS Tax on Cancelled Debt? How to Negotiate a Lower Interest Rate on Your Credit Card
3 Huge Tips to Reduce Credit Card Debt |
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Category |
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| Charitable Giving | 10-15% | 4% | |
| Housing | 25-35% | 24% | 20-30% |
| Utilities | 5-10% | incl. in Housing | 4-7% |
| Food | 5-15% | 14% | 15-20% |
| Transportation | 10-15% | 17% | 6-20% |
| Medical | 5-10% | 6% | 2-8% |
| Clothing | 2-7% | 6% | 2-4% |
| Invest/Savings | 5-10% | 13% | 5-10% |
| Debt Payments | 5-10% | 13% | 15-20% |
| Misc. (Personal,Recreation,Life Ins.) | 5-10% | 5% | 5-10% |
After you've tracked your outgoing money for at least 6 weeks, convert them into percentages and take a hard look at how you match up against the recommended percentages above. If you are over in some categories, try to trim your budget for that item. Likewise for categories that you aren't spending enough in, like savings. Try to figure out ways to save money and put it toward savings.
Use our easy, interactive and free budget template to easy manage our spend for the categories that you set up. Also check out how budgeting with the envelope system can really help you get a handle on impulse spending.
Resources:
Mvelopes Personal 3.5
- The
easy software-based budgeting system. Check it out!
Mvelopes Personal is an online budgeting system that makes it easy to create an effective personal budget and track every aspect of your spending as it happens. It will help you always know exactly how much you have left to spend, instantly know the impact of every spending decision, effectively manage credit card spending, and quickly create an easy to use household budgeting plan. Click here to learn more
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Personal Money Management Basics
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Did You Know... |
49% of adults, and 66% of US high school students got F's on a national test on their knowledge of basic economic principles.
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Food for Thought... |
"I'd rather go to bed without supper than rise in debt."
-Ben Franklin.
