Budget recommendations can help you better assess how you manage your money.
Government agencies, including theU.S.
Department of Housing and Urban Development, consider households cost burdened if they spend more than that.
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If you make $50,000 a year, your monthly housing costs shouldnt exceed $1,250.
Individuals and families bringing in $75,000 annually can increase their housing spending threshold to $1,875 a month.
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The guide focuses on costs for food prepared at home.
(Dont include your Uber Eats expenses when comparing your spending to the recommendations.)
Its further broken down in terms of age, gender and family make-up.
If she made $30,000, that would be about 10% of her monthly budget.
If they earned $75,000, theyd be spending 10% of their monthly income on food.
Certainly, having kids increases the cost of food.
Another option is increasing your income with a regular side gig or second job.
If you make $30,000 annually, you should save $4,500 per year or $375 a month.
If youre getting a later start saving for retirement, youll need to up that contribution.
Fidelity recommends saving 18% if you start at age 30 or 23% if you start at 35.
Guidance For Your Other Spending
Your monthly spending likely falls into otherbudget categoriesas well.
Personal finance guru Dave Ramsey also sharespopular budget percentage recommendationson his EveryDollar site.
A blanket percentage cant account for everyones unique financial situation.
So go ahead and customize your budget as it fits for your life.
Nicole Dow is a senior writer at The Penny Hoarder.
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