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Thread: What % of your income for budgeting?

  1. #1
    Peanut_Butter
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    Default What % of your income for budgeting?

    I've tried googling, but I can't seem to find the answers I seek...

    I was wonderng if there's a list of how much of your income should be used to your bills..for example, I've heard 30% should be rent or house payment.
    But what % should be food? How much does the average person spend a month of food? 10-20% should be saved.

    So ok. I've got 30% for rent, say 15% for savings, that still leaves me with 55%..how should I divey up the rest?

    I'm trying to figure my budget for when I move out on my own..and I don't know what to figure on. I don't know how much 1 person should be spending in food and toiletries....my income is going to be so strict and limited, I need to have a firm budget to stick to.

    Any budgeting guidance would be helpful.

  2. #2
    Banned Melonie's Avatar
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    Default Re: What % of your income for budgeting?

    The following is an AFTER TAX allocation of personal funds as recommended by Bare Bones ...

    Bare Bones Budget from National Fdn for Consumer Credit

    Housing 24%
    Food 14%
    Health 6%
    Clothing 6%
    Transportation 17%
    Entertainment 5%
    Personal Insurance 11%
    Charity 4%
    Savings and Other 13%

    I'll again emphasize that the above is based on AFTER tax income. If you redo the numbers based on pre-tax income for a typical dancer who is single, you get something along the following lines for recommended allocation of RAW earnings ...

    self-employment SSI tax 15%
    federal + state income tax 15%
    housing 16%
    food 10%
    health 4%
    clothing 4%
    transportation 12%
    entertainment 3%
    personal insurance 8%
    charity 3%
    savings and other 10%

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    Default Re: What % of your income for budgeting?

    thanks for that Melonie. as usual, you deliver.
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  4. #4
    Peanut_Butter
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    Default Re: What % of your income for budgeting?

    Yes, thank you Melonie. Very helpful

  5. #5
    Banned Melonie's Avatar
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    Default Re: What % of your income for budgeting?

    ^^^ my pleasure !

    For educational purposes, you might also be interested in seeing how the ACTUAL percentage allocation of after-tax spending comes out for typical Americans ...



    Typical Household Budget Percentages

    33-38% Housing (59%-66% of this is on shelter - mortgage interest, property taxes, repairs, and rent, and other items)

    15-19% Transportation (38-48 of this is vehicle purchase - 2 cars per household average)

    13-14% Food Budget (55% at home, 45% away)

    0-2% Alcohol

    0-3% Tobacco and related products

    0-2% Caffeine related products

    4-5% On clothing and related services (drycleaning)

    4.5 - 6% on out of pocket Health Care

    9% Personal Insurance and Pensions (breakdown: 1% life and other personal insurance, 7.5% SS, .5% investment

    5% Entertainment
    2.5% Charitable Contributions
    2% Reading and Education
    1% Personal Care products and services
    2% Miscellaneous
    4% Credit Card, Consumer Loan Interest


    Analyzing the real world data above leads to some obvious conclusions ..

    - Americans spend too high of a percentage of their incomes on housing (no surprise here given the 'subprime' mortgage problem)

    - Americans piss away way too much money on interest payments ( credit cards and consumer loans ) rather than waiting until they have the cash to afford the purchase

    - Americans spend a ton of money on restaurant meals


    I highly recommend reading all the way through the material at this link, because it provides a lot of advice about getting your budget / spending under control.

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