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Question for the Money Doctors

Question submitted on Feb 15, 2013.

Question

What is the best way I can organize how much money I can spend on a budget on each priority? For example: What is the correct % I can use for the rent payment on a house? Or what % is used for gas money? Etc. Thank you!

Answer

Although everyone''s budget will differ, there are some general guidelines that you may want to follow. Generally, you shouldn't spend more than 25% of your gross income on rent or a mortgage payment. What you spend on gas or transportation will depend on whether or not you travel for your job, as well as how far you commute.For assistance go to

http://www.360financialliteracy.org/Topics/Home-Ownership/Home-Basics/Home-Budget-Analysis/(language)/eng-US

Developing the discipline for living within your means starts with a budget. Then living within your means is the first step toward saving and planning for the future.

Good luck!


For additional information visit http://www.360financialliteracy.org/