How much should I budget for every expense as a percentage of my salary. Is there any basic or general rule to form a budget? What percentage should I use toward my mortgage? What percentage toward food and clothing and what percentage toward other utilities? I hope this is not an irrelevant question!

1 Answers
7 votes
Vote up!
Vote down!

Below is a rough guide on what percentage of your income should go toward different expenses. However, if you live in such a place where grocery is relatively expensive, or you like to add a section for expenses like gifts, you need to make some adjustments.

30% Mortgage
18% Transportation
16% Food
8% Miscellaneous
5% Clothing
5% Medical
5% Amusement
5% Utilities
4% Savings
4% Other Debts

Ask Question

Waterfall approach to debt free ™

Legal debt relief methodology that works based on your financial conditions. Learn more »

Last Updated on: Fri, 8 Jun 2018

BBB-A--Rating TrustLink logo TrustLink logo