Rauterkus, who writes the blog 365 Days on a Budget, says your budget should look similar to this:
50 percent for needs
30 percent for wants
20 percent saved
In the battle of needs versus wants, Rauterkus says, “Ask yourself, ‘will my family survive without this?’ And be honest. A new pair of shoes is a need only if you don’t have any shoes.”
Wants are everybody’s favorite. You have nearly a third of your pay for this. Splurge within your budget, she says.
For big expenses like vacation, camp or home improvements, ask your bank to create a summer account, like a Christmas club. Treat this extra cash like sunscreen: spread it around as much as you can without getting burned – and when it runs out, stay inside.
Kevin Storr | Newswise Science News
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