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Today, I have the pleasure of introducing Kara from the PartSelect Blog. She writes about many different DIY topics. Today’s post will be a little bit different as it’s mostly an infographic. I hope you will take the time to look through the budgeting tips she is sharing and consider sharing it with someone you know that could use the help as well!
We all have a different approach to money. Some of us know where every dime goes. Others have a more “flexible” approach to dollars and cents. But whatever your philosophy about money, what you need is a budget to help guide you and meet both short- and long-term goals.
For example, one approach is divide your money into buckets. For your fixed costs, including housing, car payments, and utilities, allot about half of your take-home pay. Then, those miscellaneous things that you want to spend on, like eating out or entertainment, should take about 30 percent of your income. That leaves about 20 percent for you to meet your financial goals, including paying down loans, savings accounts, or retirement. If you like more control over each dollar, then you might want to set a budget that you create—down to various accounts and dollars. For more ideas about budgeting (and managing spending), check out this graphic.
Latest posts by Kara Whittaker (see all)
- Fatten Up That Piggy Bank – A Budget Guide For Every Income - May 15, 2017