What % of income should my living expenses be?
Aug.29, 2011 in
Small Business Questions
What % of income should my living expenses be?
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August 29th, 2011 at 1:32 am
Rent 25%Utilities 10%
August 29th, 2011 at 1:32 am
At most 80%. 10% for tithe and 10% for savings. Trust me on this one, live on at most 80% and you will enjoy money to fall spinal column on when hard times come (and they will come) and you will realize where on earth your money comes from! Its great that you are thinking ahead about this one, fix any item that you need to fix immediately, you will be grateful later, an added thing, AVOID CREDIT AT ALL COSTS! I cant stress this adequate. Each credit card you take on is similar to taking on another 50 dollar a month bill, also if you figure it out, it will lift you over 10 months to pay bad a 1000 dollar credit card! Save instead!
August 29th, 2011 at 1:33 am
It should be as low as humanly possible. This is YOUR money. Money makes money. The farther you can live below your system, the better, because that means more money to invest near, set up a retirement plan with, salvage with, etc. So, if you cause 60k a year and can survive off of 15k a year, do it. That’s 45k that can be compounding interest (min 5% beside online savings accounts). It adjectives depends on what you want. If you want tons of furniture, super big tvs, and an overpriced car, return with it. Save 10% if you can or not, because that’s all on the spot gratification. It’s really all up to you. Now or Later.
August 29th, 2011 at 1:33 am
The rule of the thumb is save 20% of your gross income. Rest – you desire.