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Budget percentages are a great way to dip your toes into budgeting. When you don’t know where to start, using budget percentages may be for you.
– Giving – 10 percent – Saving – 10 percent – Food – 10 to 15 percent – Utilities – 5 to 10 percent – Housing costs – 25 percent – Transportation – 10 percent
– Health – 5 to 10 percent – Insurance – 10 to 25 percent – Recreation – 5 to 10 percent – Personal spending – 5 to 10 percent – Miscellaneous – 5 to 10 percent
Use the budget percentages by Dave Ramsey as a starting point. Check the percentage amounts and see if they fit your personal situation.
There isn’t any debt payoff in Dave Ramsey’s budget percentages, why is that? He always advises that you take on a side hustle or make some extra money.
Dave Ramsey recommends a budget percentage of 10% toward savings. If your current situation is living paycheck to paycheck, this may be a good place to start.