Putting this into practice, here’s a sample budget using Dave Ramsey’s percentages: Category Since no budget is perfect, think of this category as a bit of wiggle room for your money.
It covers little one-time purchases or things that you forgot to budget for. Miscellaneous (5% -10%)Įveryone needs a slush fund, and that’s what this miscellaneous category is. No matter how you define personal spending, it is important to set money aside to account for it. Personal spending accounts for things like new shoes and haircuts. They should allow for fun, and this is one place you can see that. Remember that budgets aren’t about restrictions. Maybe it’s your Hulu subscription or a kid’s class at the park district. This is a fun category to budget for! Recreation includes the different things that you and your family do for fun. You also want to factor in disability insurance and life insurance, if they apply to your situation. This category should include health insurance. Either way, this category can help you avoid debt. It might be a medical emergency that requires a trip to the ER, or it might be a bad cold that requires you to restock the medicine cabinet. If you have chronic conditions that require routine office visits and prescription medication, you have a great starting point for this category.Įven if you and your family are the picture of health currently, this category can help you set aside money for the future. If you bike to work or take an occasional Uber, make sure you account for all those costs too.
#DAVE RAMSEY PERSONAL BUDGET PERCENTAGES REGISTRATION#
How do you move around throughout the month? Many families have at least one car, so make sure to include car payments if you have them, plus gas, parking passes, registration costs, and insurance. You also want to include your property taxes here. It also includes more than that! Whether you have renters insurance or homeowners, include that in this category. Housing includes your rent and your mortgage. This is particularly important if you live in a place where shifts in season can dramatically impact utility costs. Natural gas, water, and electricity are some of the basic utilities that you want to budget for. Think of utilities as the basic services needed to keep your home running. Many people who use Dave Ramsey percentages for the first time quickly realize that this is a category that needs their attention. This food category includes both grocery spending and eating out. Food (10% – 15%)Īre you eating your budget? A lot of people do! There’s a reason that food is part of the Big 3 Expenses people encounter.
No matter where your money lands, this budget category helps you prioritize your financial future. You can also include investments, such as Roth IRAs or 401k contributions here. Saving (10%)ĭon’t let the name fool you! This category isn’t solely limited to savings accounts. Whether you tithe or perform other acts of charitable giving, this category helps budgeters set aside money each month to better their community and world. As a result, it doesn’t often get talked about. While all parts of personal finance are personal, giving is especially so. Let’s take a look at exactly what each of Dave Ramsey’s budget categories covers. That’s why Dave Ramsey percentages are so helpful: They ensure that you are looking at your complete financial picture to identify areas that you’ve mastered and places where you need to shift your focus. One of the reasons that some budgets fail is because they don’t accurately capture all of the expenses that budgeters are likely to encounter. Here’s what a Dave Ramsey budget form might look like based on his categories and percentages. While helpful, the budget percentages should be adjusted as needed for your life circumstances, as no budget is one-size-fits-allĭave Ramsey’s Recommended Budget Percentages.Dave Ramsey’s percentages can help you finally get ahead with your finances.Dave Ramsey’s percentages allow you to prioritize giving and saving as well.Dave Ramsey’s percentages help you consider different aspects of your financial life.Dave Ramsey’s percentages are a great starting point for your budget, offering a quick way to identify overspending.Final Thoughts On Dave Ramsey’s Budget Percentagesĭave Ramsey Budget Percentages Quick Take.Best Budgeting App For Dave Ramsey Percentages.Do Dave Ramsey’s Budget Percentages Work?.Dave Ramsey’s Recommended Budget Percentages.Dave Ramsey Budget Percentages Quick Take.
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