Transportation (10%)īeing able to get from point A to point B is necessary. So it is best to be able to budget for them. That is a mortgage, rent, HOA fees, insurance, and even maintenance on the housing. So it is helpful to know how much income you have coming in and try to keep housing lower.ĭave Ramsey recommends making sure to calculate everything. This is also the one expense that can throw your budget out of whack. Housing is probably the most significant expense for most people. Please take a look at these costs and factor them into your budget.
It is the amount of money you spend on electricity, water, internet, and even trash take out. This can be helped by making a list when you go grocery shopping or to cut down on the meals you eat out Utilities (5-10%) You can do this however you like, but be mindful of the amount of money you are spending. My wife thinks about a certain amount of money that costs per person per meal and keeps our budget in that range. We need to budget a certain amount of food for each month.
Food (10-15%)įood is the part of the budget that is for eating out or eating in. When you save money you set aside extra money for goals and emergencies. Maybe it is to help with debt payoff or to have some fun money for a trip. People should have saving goals that are a part of their budget. After you have your emergency fund, Dave recommends starting investing and saving for retirement. Being able to save is something you should put in your budget. In the Dave Ramsey Baby Steps, he makes sure to have everyone in Baby Step #1: Save $1000, Emergency Fund. Saving (10%)ĭave Ramsey is all about saving for that emergency fund. Giving is a part of Dave’s budget because he believes that our focus should not be on money but on what we have so we give to others. This may be giving money to our church, buying lunch for our staff at work, or even funding charitable organizations. A couple at my church once said to my wife and me, “It is blessed to be a blessing.” From that saying, we often realize that we have been blessed with so much, and therefore we want to go out and bless other people. Household Budget Categories Descriptions: Giving (10%)ĭave is all about giving and particular giving to the church and other charities. I figure it is good to learn about because, who knows, this can start people on the right track to budgeting and making a financial difference in their life. Let’s learn about his budget and see if it applies to us. People listen to him, and he makes things either black or white. That is how Dave Ramsey got people to start budgeting. You are on a journey through life, and you have no plans for your money except for spending. You are not aware of how much money you spend on food, housing, and transportation.Īt the end of the month, there is no more money in your bank account. I know what it is like living without a budget. The good thing about Dave Ramsey is that he actually gets people to start a budget. There are many types of budgets out there. He came up with his version of budgeting called The Dave Ramsey Budget Percentages. The self-proclaimed guru, Dave Ramsey, has once again worked on making budgeting easy with his budget. Who wants to budget in the first place? It would be easier to just not knowing, am I right? Wrong! Having a budget is a great place to start to figure out where your money is going. Allocate different types of money for certain expenses, and quite honestly, it can be challenging. We have to break it down into categories. " xlink:href="# flipboard "> Share on Flip itĬreating a budget can be a hard thing to do.
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