Managing Money Guidelines: Home Budget

How much should you spend on a car? A home?

Here are some general guidelines experts have when you are planning a home budget as expressed as a % of your income:

15% – Transportation
25% – Life expenses
15% – Debt service
35% – Housing
10% – Savings

I would definitely plan to save 20% or more if you can swing it. Most folks retire without adequate savings; so save as much as you can.

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