Good buget plan?

iVillage Member
Registered: 07-02-2007
Good buget plan?
Sun, 12-27-2009 - 5:54pm

I need a good easy budget plan to follow. I really want to try and stick to one this year.

Any pointers on how you all manage to stay on your budgets? It is sooo hard.

How do you budget?

Isnt there a graph out there that shows what % is suppose to go where with your income?

I would appreciate all of your pointers and advice..

iVillage Member
Registered: 08-04-2008
Sun, 12-27-2009 - 8:24pm

Welcome! Budgeting is very personal and depends a lot on your needs (for example, if you have an irregular income, you will take a different approach than someone with a regular income).

Basically, you add up all of your income, spend every dollar on paper before the month begins, and keep track as you go. It will probably take 4-6 months to settle on a budget that works for you. If your married, make sure your DH has input. He'll be more likely to agree to the plan if he's involved.

I use Dave Ramsey's "Total Money Makeover" plan, which I like because it has 7 baby steps, with a built in safety net that provides security along the way, and the goal is to live debt-free forever, build wealth, and give. Really, it's the same advice your grandmother would give you. We are on step 5, and debt free with a full emergency fund!

Here are some basic budget categories and percentages:

Savings 5-10%

Housing 25-35%

Utilities 5-10%

Food 5-15%

Transportation 10-15%

Medical 5-10%

Personal 5-10%

Clothing 2-7%

Entertainment 5-10%

Charitable Gifts 5-10%

Debt 5-10%

iVillage Member
Registered: 12-04-2006
Tue, 12-29-2009 - 1:05am

Colleen has given you some good tips.

The only thing that I can add (which is often not emphasised enough) is make sure the budget is personalised to you - if you try to operate on a 'one-size-fits-all' budget it will not work or at least won't work longterm.


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