Ten Guidelines in Budgeting
Budgeting is never easy but you have no choice but to stick with your monthly income and not spend more than your means. You will also need to reduce your budget when you have expenses such as childcare, debt payments, and school expenses. This is the reason why you have to categorize and have a breakdown of your expenses.
Some of you might have not created a budget category yet which is the cause of your budget constraints now. Do not worry; there is a remedy for that. Car Title Loans Canada offers bad credit car loans vancouver. This loan is a quick and fast way to get your cash.
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Your budget must be developed with the money you have minus all the deductions from the government and insurances. Yes, it sounds really hard but it will be harder if you do not learn how to live within your budget.
The guidelines that will be presented below will serve as your basis but you can always flex it with your own category and percentage based on your income.
Categories and Breakdown of Expenses:
1.) Food. Food is a necessity. This is also an everyday spending .It will demand a 10 – 20 % of your income.
2.) Clothing. This category will need only 3 – 5% of your budget. Clothes do not worn out fast and so it does not need a bulk of your budget.
3.) Medical. You can sort 3% of your budget here. This is an important category because sickness cannot be predicted.
4.) Transportation. This takes quite a bulk of your budget; a 15-20% allocation would be needed. This is an everyday expense that is why it needs a bigger percentage.
5.) Utilities. This will include your phone, internet, gas and cable. You must allocate 5% of your monthly income for this category.
6.) Housing. A 35% of your budget will be needed for housing. This will include your taxes, mortgage, rent/insurance and strata.
7.) Personal. You also have to enjoy your earnings for without relaxation and enjoyment, stress occurs and with stress, illness might come to you. You can get 5-10% for this sort.
8.) Debt Payments. Many people complain on their tight budget because of their debts so spare 5-15% of your income for this category.
9.) Savings. This category is built for the future. You may allot 5-10% of your budget here.
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