Americans are deeper in debt than ever before. While medical bills account for a significant portion of this debt, much of it is simply the result of spending more than you make. The only way to know how well you are doing is to create and track a budget.
Financial advisors have calculated recommended percentages of income going to different areas. They are:
Charitable gifts 10 - 15%
Savings 5 - 10%
Housing 25 - 30%
Utilities 5 - 10%
Food 5 - 15%
Transportation 10 - 15%
Clothing 2 - 7%
Medical/Health 5 - 10%
Personal 5 - 10%
Recreation 5 - 10%
Debts 5 - 10%
If your income is limited, a higher percentage of the budget will go for necessities View the rest of this article
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