Hi johnkerbawy,
Budgets vary, depending on your location (the climate plays a major
role on how you spend your money), for example, people in the
northeast spend the most on housing. Budgets are made with the
"take-home" paycheck in mind - in other words, they are based on
available funds.
CONSUMER CREDIT COUNSELING SERVICE:
"How much you spend in each category will vary with each individual,
by geographic region and income level. The less you make, the greater
the percentage you will spend on basic expenditures (e.g., housing may
be 50%). Consumer Credit Counseling Service suggests these
percentages":
1. Housing: 20-35%
2. Food: 15-30%
3. Clothing: 3-10%
4. Transportation: 6-20%
5. Entertainment: 2- 6%
6. Savings: 5- 9%
7. Miscellaneous: Varies
http://www.consumer-action.org/English/library/money_mgt/1993_BudgetingAndPlanning/index.php
INSIDER REPORTS:
Recommended Percentages:
* Housing......33%
* Food.........14%
* Auto.........14%
* Insurance.....5%
* Debts and Savings...9%
* Entertainment.......5%
* Clothing............5%
* Medical.............5%
* Contributions and Miscellaneous...10%
"One final note. The guidelines we've used are for after-tax income.
That's your income after you've paid taxes, but before other
deductions for medical insurance or retirement plans have been
deducted. You might need to take the statement that comes with your
paycheck and do a little figuring to know what your after-tax income
really is."
http://www.insiderreports.com/storypage.asp_Q_ChanID_E_MN_A_StoryID_E_20000820
CASH FLO AND METLIFE:
Cash Flo and MetLife recommend you spend:
25 to 30% ON HOUSING
8 to 15% ON FOOD
5 to 7% ON HEALTH CARE
7 to 9% ON INSURANCE/PENSIONS
6 to 8% ON CLOTHING
5 to 9% ON ENTERTAINMENT
6 to 10% FOR GENERAL SAVINGS
62 to 88% Total Spent
http://www.rentnet.com/apartments/fyp/reading_room/budget/budgeting_RT_1.jhtml
US DEPARTMENT OF LABOR:
Personal Budgeting and Money Saving Tips:
"These figures are from the Department of Labor Consumer Expenditure
Survey. Remember--these show only the average expenditures of surveyed
households, NOT the amounts families should spend."
Housing 31.8%
Food 15.6%
Transportation 17.6%
Clothing and Services 7.1%
Health Care 4.6%
Entertainment 5.6%
All Other 17.6%
http://www.personal-budget-planning-saving-money.com/spendingguidelines.html
Consumer Spending Patterns Differ by Region:
http://www.bls.gov/opub/ils/pdf/opbils48.pdf
Additional Links of Interest:
Budget Calculator:
https://www.dlssonline.com/exitcounseling/budget-calculator.asp?EC=false
How to Set Up a Successful Budget:
http://financialplan.about.com/library/howto/htbudget.htm
Basic Budget Worksheet:
http://financialplan.about.com/library/n_budget.htm
Well, I wish you good luck! I hope I've helped. If you have any
questions, please post a clarification request before closing/rating
my answer and I'll be happy to respond.
Thank you,
hummer
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