For example, we have medical, dental, and vision through my husband's employer. ![]() Check to see if your workplace offers discounts on different types of insurance. Insurance is a necessary evil, unfortunately. If you know that you have a costly month coming up in this category, adjust it up and then back down as needed to cover the expenses. Healthcare can vary so much from family to family and even person to person. This category should include anything from a car payment to bus passes: When you think about rent or mortgage and add property taxes, HOA fees, and more, it can add up! Housing is always the most significant percentage in any budget, and for a good reason. If you find that you're spending more than you'd like, you can use services like Trim or Truebill to help you negotiate your bills to save more on bills like:ĭave Ramsey recommends that 25% of your income should go to housing. ![]() These are all the things you need to make a household run. If you find that you're overspending on groceries, you can learn more about how I used a meal plan to make over my grocery budget here!) It's up to you if you want to include eating out in the food budget category or if it makes more sense in the recreation or personal spending budget categories. So, think of it this way: $1,000 baby emergency fund pay off all debt (except for mortgage) build your 3-6 months of expenses emergency fund then invest 10-15% of your pay into retirement and save for vacations, house updates, and any other big purchases. Dave recommends waiting to save for retirement until you have your debt paid off and three months of expenses saved up in an emergency fund. You'll want to use this savings category wisely.
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