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Start with These Family Budget Guidelines and Tweak them to fit Your Needs



Setting up a budget for the first time is a very difficult thing to do. How do you begin to figure out how much you should have for each category? The whole purpose of a budget is to have spending habits in control and if needed bring ID-10053900them back into line, right? Keep in mind adjustment need to be made regarding different factors like where you live in the country. Housing cost is not the same in Mississippi as they are in New York. There is no perfect combination.

With that in mind here are a couple of ways to get started:

1. Find average spending percentages nationally or better yet what the professionals suggest, or

2. Track your spending and create percentages based on your current spending habits.


Expert Recommended Budget Percentages


Budget Type        Dave Ramsey’s %              Larry Burkett’s %              US Bureau of Labor Statistics Survey

Savings                 5-10%                                  5-13%                                  9%


Housing                25-35%                               25-38%                               24%


Medical                5-10%                                  4%                                        6%


Utilities                5-10%                                                                               8%


Food                     5-15%                                  10-15%                               14%


Transportation   10-15%                               12-15%                              14%


Debt                     5-10%                                  5%                                       12%


Clothing               2-7%                                    5-6%                                    4%


Personal              2-7%                                   5-8%


Recreation          5-9%                                    5-7%                                    5%


Charity                 5-15%                                                                               4%


It is very rare to find two budgets the same; you just need to start somewhere. Start with these guidelines (and that’s all they are) and adjust them to fit your needs. Above all else, you must start spending ONLY what you bring in. If you don’t start living within your means you will overspend, and that will lead to financial ruin.


Image courtesy of Stuart Miles / FreeDigitalPhotos.net



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Originally posted 2013-03-23 05:06:46. Republished by Blog Post Promoter

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One thought on “Start with These Family Budget Guidelines and Tweak them to fit Your Needs

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