Fatten Up That Piggy Bank
Managing money can be difficult, especially when you are in charge of a whole household and not just yourself. That's why using our budget breakdown as a guide will help you to keep track of your spending.
A budget should be specifically tailored to each person, and reflect your goals for saving, spending, or paying down debt. There is definitely flexibility in where you put your money, but there are also a few solid guidelines to follow. For example, your fixed costs that you pay each month should not be more than 50% of your take-home pay. These include bills such as cell phone, internet, rent or mortgage, and gym memberships. Our guide recommends you allocate 20% of take-home pay toward your financial goals, such as savings or paying down debt. The remaining 30% then goes toward flexible costs such as food and entertainment.
One way to tackle your monthly budget is to track your spending and then evaluate what goes where. Seeing the breakdown all at once may encourage you to limit spending in one area, such as eating out, and allocate those funds to an area where they are more needed. Read our budgeting guide, and then get started on planning your own!