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  1. #1
    wm_jun99
    Guest

    Default Expense breakdown - from the Today Show - earlier this week

    Here's the breakdown based on the household income:



    60% of the gross income goes to committed expenses (all taxes,

    including taxes withheld from pay, mortgage, utilities, car loans,

    credit card debts, etc.)



    10% to short-term/emergency savings (goal: to cover three to six

    months of living expenses)



    20% to long-term/retirement savings (including 401(k)s, IRAs, college

    savings plans)



    10% for "fun money" (spend it on anything you want)



    It may be difficult to keep your committed expenses to just 60% of your

    gross income, especially if you have a huge mortgage or significant


    credit card debt or student loans, but it's a worthy goal.










  2. #2
    jill pokrivka
    Guest

    Default Expense breakdown - from the Today Show - earlier this week

    > Here's the breakdown based on the household income:

    > 60% of the gross income goes to committed expenses

    > (all taxes, including taxes withheld from pay,

    > mortgage, utilities, car loans, credit card debts,

    > etc.)

    > 10% to short-term/emergency savings (goal: to

    > cover three to six months of living expenses)

    > 20% to long-term/retiremen t savings (including

    > 401(k)s, IRAs, college savings plans)

    > 10% for "fun money" (spend it on anything you

    want)



    I'm guessing groceries and gas goes in the 1st

    category, the 60%? Does that sound right?



    This sounds like a good plan, but I have a feeling if

    I crunch the numbers and apply it to our budget I'm

    going to be surprised (and a little depressed). But

    I'll give it a go...



    Jill



    __________________________________________________



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  3. #3
    herberkids3
    Guest

    Default Expense breakdown - from the Today Show - earlier this week

    It sounds about right. One thing I've always heard suggested is that

    housing shouldn't exceed 30% of your income. If you are paying more

    than this, then you can afford to downgrade to make bills easier.









    --- In Budget101_@yahoogroups.com, jill pokrivka <jpoo68@...> wrote:

    >

    > > Here's the breakdown based on the household income:

    > > 60% of the gross income goes to committed expenses

    > > (all taxes, including taxes withheld from pay,

    > > mortgage, utilities, car loans, credit card debts,

    > > etc.)

    > > 10% to short-term/emergency savings (goal: to

    > > cover three to six months of living expenses)

    > > 20% to long-term/retiremen t savings (including

    > > 401(k)s, IRAs, college savings plans)

    > > 10% for "fun money" (spend it on anything you

    > want)

    >

    > I'm guessing groceries and gas goes in the 1st

    > category, the 60%? Does that sound right?

    >

    > This sounds like a good plan, but I have a feeling if

    > I crunch the numbers and apply it to our budget I'm

    > going to be surprised (and a little depressed). But

    > I'll give it a go...

    >

    > Jill

    >

    > __________________________________________________

    >

    > Tired of spam? Yahoo! Mail has the best spam protection around

    > http://mail.yahoo.com

    >










  4. #4
    Herlean
    Guest

    Default Expense breakdown - from the Today Show - earlier this week

    I would think that groceries & gas would be part of the 60% figure. Herlean

    jill pokrivka <jpoo68@yahoo.com> wrote: > Here's the breakdown based on the household income:
    > 60% of the gross income goes to committed expenses
    > (all taxes, including taxes withheld from pay,
    > mortgage, utilities, car loans, credit card debts,
    > etc.)
    > 10% to short-term/emergency savings (goal: to
    > cover three to six months of living expenses)
    > 20% to long-term/retiremen t savings (including
    > 401(k)s, IRAs, college savings plans)
    > 10% for "fun money" (spend it on anything you
    want)

    I'm guessing groceries and gas goes in the 1st
    category, the 60%? Does that sound right?

    This sounds like a good plan, but I have a feeling if
    I
    crunch the numbers and apply it to our budget I'm
    going to be surprised (and a little depressed). But
    I'll give it a go...

    Jill

    __________________________________________________





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