In reality, this is money that you have to come up with for all life's surprises - like that big vet bill for Fido or that water heater that just died.
Sports for kids or vacations may come from here.Ĥ% Short-term Savings ($200/month): This is what should be going into your emergency fund each month. Seem low? You don't need all the extras! This is typically an area where savings can be realized.ġ2% Food ($600/month): This is what it takes to put food on the table, in the lunchbox, the school cafeteria, or unless you're calling it entertainment, on the town.ġ1% Other Stuff ($550/month): This could include clothes, charitable contributions and the other expenditures not covered by our other categories. Check that, they were house rich.ġ0% Transportation ($500/month): That's car payments, gas, repairs and whatever it takes to get from work to home and everywhere else you go.Ħ% Utilities ($300/month): Electricity, gas, garbage, water, cell phones, cable or satellite are all items that fall in this slice. This may be lower than what a lender will lend, but too many folks are house rich and cash poor. Mortgage (principal, interest, taxes, and insurance) and/or rent. 20% Housing ($1,000/month): This includes the core of what it takes to put a roof over your head.
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