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The Percentages You Need For A Successful Budget

Question: What do you recommend for a budget percentage?

Great question! I love this one because it shows that you really care about not only creating a budget, but creating a budget that works for you. (Heavy emphasis on works for YOU!)

Here’s a fact that may come as a surprise for you: there really is no standard budget percentage chart that works for everyone.

For example, let’s say we recommend you set aside 10% of your take-home pay for food. This is a pretty common budget percentage that works for the average American household (4-5,000 per month).

However, how would that percentage work for a single guy bringing home $8-10,000 per month? We, of course, would not recommend he spend $800-1000 on food per month.

Or what about the other side of the equation? A family of 4 whose net pay each month is roughly $2,500. There is no way we would want that family to attempt only spending $250 per month on food.

This is why hiring a financial coach is such a vital part of your financial plan. A good coach can help you get more done in half the time as it relates to this topic. I’d ask you to trust me on that, but hey, I’d rather you decide for yourself.

Now that we have an understanding, here is a general percentage guideline to help you regain control of your finances. A few of these have links to other posts that go into great detail attached.

Giving 10-15%
Saving 10-15%
Housing+Utilities 25-35%
Debt 5-10%
Food 5-15%
Transportation 5-15%
Clothing 5-10%
Medical 5-10%
Insurance 10-25%
Personal 5-10%

Again, keep in mind that this is a very general recommendation that may not be what you need. The best advice that I can give on this topic is to seek the wisdom of a financial coach who has the heart of a teacher.  This will allow you to learn the ins and outs of creating a budget that works for you.

To submit your #MoneyMondays question, go to BlackSheepFinance.com/MoneyMondays

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