Apr 18 • General discussion
Budgeting
Million ways to do it..here's a framework for anyone starting out:
Find out how often you get paid (usually 2x per month or bi-weekly - so 24 or 26 pay periods per year).
Next, review your expenses that are a MUST.
i.e.
Food
Utilities
Housing
Transportation
Minimum Debt Payments (mortgage, min payment on credit card, etc).
Those combined should be ~50% of your TAKE-HOME pay (the amount of money you see hit your bank account after taxes, health insurance, etc has been taken out).
Next look at WANTS.
i.e.
Travel
Vacation
Entertainment
These combined should be ~30% of your TAKE-HOME pay.
Finally, the last 20% should be dedicated to debt repayment and/or saving/investing:
i.e.
Emergency fund
Paying off debt ABOVE min. payments
Funding a 401k/IRA/Brokerage account
Hope this helps! Use tools like MonarchMoney (google it) to help you.
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Budgeting
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