Would you like to save over $1,000 dollars a year? Knowing how you are spending your money can help you cut wasteful spending and be on your way to financial success. The first step is to create a budget. Creating a budget is a very simple task yet over 60% of americans do not make or maintain a budget for their own personal finances. Creating a budget is the only way to stay on track with your financial goals.
So let’s start with your budget. Here are some recomended percentages for your budget. Experts recomend trying not to exceed 28% of your income for housing. Another highly recomended number is putting away between 10-15% of your annual income for retirement. Below is an example you may want to start with.
| Account | % |
| Housing | 28 |
| Food | 15 |
| Savings | 10 |
| Retirement | 15 |
| Utilities | 8 |
| Gas | 7 |
| Entertainment | 4 |
| Clothing | 3 |
| Auto | 3 |
| Auto Insurance | 2 |
| Other | 5 |
| **Annual Income After Taxes |
These are some good numbers to start with. According to your income the percentages will vary significantly. Look for a release of ”Budget Tracker V.1.0″ from College Corporation. This tool will help you start your budget and track expenses for the year.
Get it and many other helpful tools at http://www.collegecorporation.com/tools/
