Consider breaking up your monthly budget into the following categories.
- Housing: mortgage payments, property taxes, utilities, etc.
- Transit: car payments or transit passes, gas, maintenance, etc.
- Debt: payments to credit cards, lines of credit, etc.
- Savings: your long-term savings for retirement, etc.
- Life: food, vacations, fun, medical, childcare, etc.
Consider spending the following % on the below categories:
- Housing: 35% of your monthly income.
- Transit: 15% of your monthly income.
- Debt: 15% of your monthly income.
- Savings: 10% of your monthly income.
- Life: 25% of your monthly income.