Personal Budget

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Personal Budget

  1. 1. PERSONAL / FAMILY BUDGET
  2. 2. The quickest way to start on your way to keeping an effective budget is to simply start by tracking how you currently spend your money no matter the amount.
  3. 3. <ul><li>One of the hardest tasks of keeping a budget is determining how much to budget for each category. </li></ul>
  4. 4. <ul><li>But, if you start by just tracking what you currently spend, you will have a good starting point to figure out your limits for each budget category. </li></ul>
  5. 5. <ul><li>Also, people tend to spend less when they track how much they spend and are surprised at how quickly it adds up. </li></ul>
  6. 6. <ul><li>The following percentages will give you good rule of thumb for what you should be spending as a percentage of your income on some of the major budget categories : </li></ul>
  7. 7. Housing <ul><li>25% - Housing -- Spend no more than 25 % of net income on housing. That includes mortgage or rent, utilities, insurance, taxes and home maintenance. </li></ul>
  8. 8. Food <ul><li>25%- Food </li></ul>
  9. 9. Clothing <ul><li>10%- Clothing </li></ul>
  10. 10. Transportation <ul><li>10% - Transportation -- Spend no more than 10% of net income on transportation. That includes car payments, motor insurance, license, maintenance, fuel and parking. </li></ul>
  11. 11. Relatives- <ul><li>5% - Relatives- We cannot ignore our relatives as this is our social responsibility. </li></ul>
  12. 12. Health and Education <ul><li>5% - Health and Education - Spend no more than 5% of net income on this. </li></ul>
  13. 13. Services <ul><li>5%- Services- Spend no more than 5% of net income on this. This includes telephone, water, electricity, etc </li></ul>
  14. 14. Domestic <ul><li>5% - Domestic i.e. House help or caretaker </li></ul>
  15. 15. Savings <ul><li>10% - Savings -- Save at least 10% of income throughout your working life </li></ul>

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