What should I be spending in budget categories?
Budgets depend upon the person's income, lifestyle, and
financial goals. The following ranges of percentages serve as
guidelines:
Guidelines for Spending
| Budget Category
| Percentage |
|---|
| Housing
| 30-33% |
| Food
| 18-25% |
| Transportation
| 7-9% |
| Clothing
| 6-10% |
| Medical
| 6-8% |
| Automobile Insurance
| 2-3% |
| Life Insurance
| 2-5% |
| Education
| 1-2% |
| Credit Obligations
| 12-15% |
| Savings
| 2-10% |
| Recreation/Entertainment
| 2-6% |
| Church/Charities
| 6-10% |
Suggested budget items
Housing/Household
Operation
Rent or
mortgage payment
Real estate taxes
House insurance
Renters insurance
Gas and electricity
Telephone
Water
Services (lawn, garbage)
Household supplies (light bulbs, cleaning
items)
Repairs, maintenance
Furnishings
Equipment and appliances
Heating Fuel
Transportation
Car loan
payment
Gas, oil
Repairs, services
Insurance
License renewal
Public transportation
Other (parking, taxis, road or bridge tolls)
Food Groceries,
including non-alcoholic beverages
Eating out
Snacks, etc.
Clothing
Purchases
Dry cleaning
Repairs or alterations
Health Care
Physicians
Dentists
Hospitals
Insurance
Prescriptions, drug-store items
Eyeglasses or contacts
Other
Entertainment
and Recreation
Movies, rented videos
Sporting Events
Plays, concerts
Alcoholic beverages
Books, newspapers, magazines
Travel/Trip planning
Other
Miscellaneous
Income
tax payments (other than deductions)
Haircuts, personal services
Cosmetics, personal supplies
Education (tuition, books)
Dues
Tithe/contributions to church, temple, synagogue
or mosque
Tobacco
Life insurance
Gifts, charitable contributions
Occupational tools or other expenses
Child care
Pets
Savings
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