If you cook most meals at home, take advantage of sales, and buy ingredients and whole foods instead of packaged food, you can make this budget work. You can also limit your use of electricity during the day by turning off lights as well as reducing heating and cooling costs by using a programmable thermostat.Īlthough the amount is quite low, this may be enough for one or two people. Perhaps you can use Chime’s Pay Anyone to send fee-free mobile payments if you’re splitting bills. If you have roommates, you can split the cost of utilities to save money. If you own a home, you may also rent out a few rooms to offset your mortgage costs. If you are looking to pay off debt quickly or save to meet an important goal, here are some budget category percentages you can try.įor this amount, you’d likely have a roommate or rent a smaller apartment to keep housing costs low. While the basic recommended budget category percentages may work well, you may want to take it up a notch if you have some aggressive savings goals and are willing to live frugally. Īggressive Recommended Budget Category Percentages Once you have your ideal budget in place, you can start allocating money to different expenses when you get paid. As you can see from the example above, you still can’t afford to splurge on housing costs, but you’ll have plenty of money for groceries, dining out, giving, savings, and debt payments. Keep in mind that these are pretty standard budget percentages if you want to have enough money to afford your needs and wants.
☂️Insurance (includes medical, auto, renter’s etc.) = $450 🏠Housing (mortgage and rent costs) = $750 Here’s how this budget would break down if you bring home $3,000 each month:
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