Housing will most likely be everyone’s biggest expense. You could also add internet and your phone into this category also. These are utilities for your home, including gas, water, electricity, etc. To get to 10-15%, you’ll most likely have to stop eating out altogether, you will have to carefully meal plan, and you will most likely use coupons!īut if you are laser-focused on savings as much as you can, getting out of debt, and investing as much as you can, then keeping your food budget to 10-15% of your budget is a great guideline. Especially since this is both eating out and regular groceries. This would be pretty tough for me honestly. Whew, only 10-15% of your budget for food. I think 10% is a good start, but I think you should try and get to that 3-6 months of expenses as fast as you can (so 10% might not be enough). This savings section is for things like big purchases and saving up for your emergency fund, and this category is also used for investing and building wealth.ĭave recommends saving a starter emergency fund then paying off debt, and then going back and saving up 3-6 months of expenses. I think you should focus on paying off your debt. Now, I think giving is a great thing (I think everyone should give some amount of money to charity regularly), BUT, if you’re in debt, I don’t think you should be giving money to charity or tithing. So it makes sense that he makes room in the budget for giving.ĭave Ramsey recommends giving at least 10% of your income. Now this might be a lot to digest, and some of the categories might not make any sense to you, so we’re gonna go through each one (I told you I got you).ĭave Ramsey Recommended Budget Categoriesĭave Ramsey is big on giving, specifically tithing. Here are the category recommendations and percentages: **Just a few notes, these percentages are meant to applied to your after-tax money (but before any 401(k) contributions and health insurance payments). If you’re just starting out with budgeting, these budgeting percentages recommended by Dave Ramsey are a great starting point. In this post, we’ll talk about the specific budget categories that Dave Ramsey recommends, and how much he recommends spending in each category. You can use these budgeting percentages to help divide (divvy) up your paycheck in a way that helps you pay all of your bills and save money. While going through the 7 Baby Steps (or any financial journey) one of the first things you need to do is create a budget or spending plan.īut this is where things can get a bit confusing – you’ll probably have some questions like: How much should you be spending in each category? What are the different budget categories?!ĭave Ramsey has some budget percentages that you can apply to your budget to make things easier. I’m sure you also know about his 7 Baby Steps, right? Use our savings calculator to see how a consistent approach to investing can make your money grow.I won’t go into detail about Dave Ramsey, I’m sure you already know who he is. Launch Loan Calculator Savings Calculator: For car loans, determine if a longer term makes sense.
Use this calculator to determine the monthly payment for a fixed-rate loan. Use this calculator to determine your Required Minimum Distribution (RMD) from a traditional 401(k) or IRA. Launch Retirement Calculator Required Minimum Distribution Calculator: This calculator can help you estimate how much to save each year to accumulate enough money for your projected retirement. Go to College Savings Calculator Retirement Calculator: Use our College Savings calculator to determine the amount you must invest each year to have enough money to cover all college costs. Go to Mortgage Calculator College Savings Calculator: Compare different offers or the merits of refinancing. Go to 401(k) Save the Max Calculator Dave Ramsey Mortgage Calculator:ĭetermine the monthly payment for a fixed-rate loan mortgage. Use this calculator to determine if you are on track to save the maximum in your 401(k). Go to Dave Ramsey Investment Calculator FINRA 401(k) Save the Max Calculator: To put these numbers to work, that is where Shanna TIngom of Heritage Financial Strategies comes in. We feel it best not to reinvent the wheel and to just point you to the best resources to allow you to run some quick calculations. Being a Dave Ramsey Smartvestor Pro, we have come to appreciate the financial planning tools that Dave Ramsey has on.
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