Backyard Chats

Family Budget
August 15, 2010, 7:00 am
Filed under: Homekeeping

Keeping to a budget may be tricky, but knowing how to “slice the pie” might help. The following  information is from For more details, visit their website:

Housing Expenses: mortgage – 32% – 35%;  rental -15% – 20%
housing expenses will likely be your largest expense item, especially if you own a home. Housing expenses include:

— your mortgage payment or monthly rental payment
— utility services (electric, gas, oil, water, sewage, garbage, etc.)
— telephone, internet, cable
— house repairs, maintenance & improvements

Transportation: 9%-12% of income
transportation expenses include:

— auto loan payment
— auto insurance
— fuel expenses
— maintenance and repairs
— taxes, licensing
— parking
— public transportation;  toll fees

Family or Personal Care: 18%-19% of income;15-25% of income  for full child/elder care services
family care expenses include:

— family care insurance (health, disability, life, dental, other care)
— doctor, dental, eye care, hospital visits
— veterinarian expenses
— prescriptions and over-the-counter medications
— child care
— elder care
— health clubs

Living Expenses: 27-35% of income
home living expenses include:

— food
— home living supplies
— school and work lunches
— snacks, vendors
— clothing
— education-related expenses
— home services (cleaning, gardening)
— postage and paper supplies

Family Recreation: 4-6% of income
recreation expenses include:

— dining out
— movies out and rentals
— outside entertainment
— cigarettes, beer, wine, liquor
— birthdays and holidays
— vacation travel
— weekend, day trips
— gambling, lottery tickets

Obligations: 18-28% of income (your goal is to reduce this percentage)
obligation expenses include:

— credit card payments
— student loan payments
— home equity line or loan payments
— personal loan payments
— alimony, child support payments
— judgment or liens
— other assessed taxes
— charitable donations

Savings: 2-10% of income (goal is to increase this percentage)
savings include:

— 401K contributions
— IRA contributions
— investments
— savings (personal, college, retirement)

Want to know how your family’s budget stacks up? ……..


1 Comment so far
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I still have your worksheet. I need to do this

Comment by Steph

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