You’d think it would be easy to figure this out, right? Ha! It turns out this is one of the toughest questions in personal finance. Before you can do anything else, you’ve got to figure out how much these add up to. A good rule of thumb is that fixed costs should be 50% to 60% of your take-home pay. Step 3: Calculate your fixed costsįixed costs are the amounts you must pay, like your rent/mortgage, utilities, cell phone, and student loans.
Now, let’s break down how to come up with your numbers for each category.
Your spending doesn’t have to match these exactly, but I would be cautious about straying too far from these percentages. The percentages for each category outlined above are my recommended guidelines.
Vacations, gifts, house down payment, emergency fund, etc.ĭining out, drinks, movies, clothes, shoes, etc.
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