![]() The budget percentage can help with this because you know when you are coming close to the end of your budget making it easier for you to keep yourself on track. This can be a hard category to keep a tab on for most people since it is pretty easy to add a bar of chocolate or two into your grocery basket when you go to the supermarket. Foodįood budgeting will include any money you spend on takeouts, groceries or going to a restaurant- everything is included. I would suggest putting some energy, time, and money into both. There is a difference between saving (putting aside money bit by bit to see small returns in the long run) and investing (trying to grow your money with conscious and daily efforts with the risk involved). This would mean you could have 5% of your income dedicated to investing instead of simply saving (putting it into a 401(k)). However, I would suggest having a completely separate category for your investments to keep you more on track. You could also include investments in this category which would include things like investing in index funds, dividend investing, value or growth stock investing, etc. The most common savings account you should send your money towards would be an IRA or a 401(k) Saving at least 10% of your income for the future you is a pretty simple one to understand. ![]() ![]() Now that we know what the recommended budget percentages are let us get into what the categories mean and what they should ideally include: Savings You can read my full disclosure here.įirst off to get you started, you can use this free budget planner here: Some of the links below are affiliate links. How you can change these percentages to work well for your own financial situation (if needed).Dave Ramsey’s recommended budget percentages. ![]()
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