Recap/Budget

Budget isn't a word to be scared of....it is your most effective weapon for bringing down debt and planning your future. Here is a few reminders; write down every purchase for 3 months or to make it easier use your debit/credit card so you can get a monthly statement from your financial institution and review, then after this time frame analyze your spending and build a budget on what you have read  ( remember our first blog about wants and needs!!)  This is a rough chart you can go by as everyone has different circumstances in life. A) If your renting; 35% for housing, 40% for living expenses, 2% for emergency/insurance, 15% for personal and 8% for savings  B) Single with a house; 45% for housing, 25% for living expenses, 6% for emergency/insurance, 14% for personal and 10% for savings  C) Married with house; 37% for housing, 25% for living expenses, 8% for emergency/insurance, 20% for personal and 10% for savings  D) House with kids; 37% for housing, 30% for living expenses, 10% for emergency/insurance, 15% for personal/pleasure and 8% for savings.