This is the proven, guided path to save money, pay off debt, and build wealth. Heads up: You’re about to hear us mention the 7 Baby Steps. So, before we dive in, here’s an overview of the budget categories we’ll cover in this article: Look up your own! Open your online bank account or get out those bank statements and see what your past spending reveals. maybe you should make a good money playlist to get you in the budgeting mood.)Īnd one more thing: If you’re reading this as you set up your first budget, don’t stop with the numbers we give you. Or maybe a category is like a playlist, and the lines are like songs. If those words are new to you, think of a budget category as a folder, and the budget lines as files inside it. Let’s break down some national averages and budget percentage recommendations for common budget categories and budget lines. Guidelines for Setting Your Budget Percentages
So, we’ve pulled them together with other helpful info to guide you as you’re setting up (or fixing up) your budget! Are you ready for this? (Yes.) Because your life isn’t one size fits all! How much you should spend on this and that in your budget can vary depending on your income, household, location, goals, lifestyle-so many things.īut there are a few standards to follow. If you’ve never budgeted before-or you’re wondering how your spending compares with everyone else’s-you might wish you could see some recommended budget percentages, national spending averages, and other helpful stuff like that all in one place.Īnd listen, we aren’t about to give you a one-size-fits-all budget percentage guide.
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