A while back I posted a blog article regarding the list that
I made for groceries. I placed everything in either a need or a want category
so we could use this as a reference when purchasing our monthly groceries.
Today I ran across an article in the paper regarding
household budgeting, and the author noted a book and a budgeting program called
“All Your Worth: The Ultimate Lifetime Money Plan,” by bankruptcy expert
Ms. Warren writes about a 50%-20%-30% plan for budgeting.
The first, 50%, of your budget should go towards your must haves, which include
housing, education, food, utilities, and all of those other standard monthly
expenses. 20% of your budget should go to your savings or credit card debt
payoff and the rest of the 30% is allocated to all of those other things you
want to have, including clothes and cable.
Warren also says that if your must haves exceed 50%, you
need to start cutting back on some debt.
So how does your budget fall into each category? Where are
your wants as compared to your must haves? Are you saving some each month?
Interesting reading; I’ll probably pick up the book and take a look, as I love
to read anything about budgeting.
Have a good Thursday, moms!