How Much Money Should I Budget in a Particular Category?
What Should I be Spending in Budget Categories?
Deciding how much money should be allocated to various categories in a family budget depends upon the particular family’s income, lifestyle, and financial goals. The following ranges of percentages, however, can serve as guidelines:
Budget Category | Percentage |
---|---|
Housing | 33-35% |
Food | 18-25% |
Transportation | 7-9% |
Clothing | 6-12% |
Medical | 6-8% |
Automobile Insurance | 2-3% |
Life Insurance | 2-5% |
Education | 1-2% |
Credit Obligations | 12-15% |
Savings | 2-10% |
Recreation/Entertainment | 2-6% |
Church/Charities | 2-10% |