Tracking through a budgeting app, such as Mint, PocketGuard, or YNAB, might make it easier and more efficient to monitor your saving and spending. Careful monitoring of your budget will mean the difference between success and failure. Once you’ve created your budget you need to track your spending each month to be sure you are sticking to it. Miscellaneous – 5-10% Budgeting can help you avoid debt and achieve goals For instance, if your mortgage and insurance costs are on the higher end of the range, you’ll have to adjust other areas, such as entertainment, personal spending, and giving down. It may give you a place to start when creating a budget and a better idea if you are overspending in certain areas. It is a range, so keep in mind you can’t be on the higher end of the range in all categories or you will be over budget. Once you’ve tracked your spending in all of these categories, there’s a general rule of thumb regarding how much you should be spending in certain areas. Miscellaneous – Any other monthly expenses, such as childcare or babysitter, pet care, organizational memberships, gifts.Insurance – Health insurance, car insurance, homeowners insurance, renters insurance, life insurance, etc.Healthcare – Copays, medications, doctors/dental visits.Entertainment – Activities, gym memberships, hobbies, vacations, subscriptions, etc.Savings – Retirement, emergency, and general savings.Personal spending – Clothing, hair/salon, home goods, etc.Utilities – Electric, gas, water, sewer, trash collection, phone, internet, cable, streaming.
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