Debt Advisor

Budget Guidelines

This is the ratio in which your total income should be distributed to make sure you are on the right path. If this does not look like your current situation you might have to reorganize your financial situation and get on a game plan!

 

35%  Housing

 Spend no more than 35% of net income on housing expenses. (This includes mortgage or rent, utilities, insurance, taxes, and home maintenance)

20%     Transportation

 Spend no more than 20% of net income on transportation. (This includes car payments, insurance, license, maintenance, gas and parking.)

20%    Other

Spend no more than 20% of net income on all other expenses. (This Includes Food, enertainment, clothing, all entertainment and leisure activities, child care, medical health expenses)

 15% Debt

 Spend no more than 15% of net income on any type of debt. (Including Loans, Credit cards, any other type of liability or debt)

 10% Savings

Save at least 10% of you income. This is the most important category. If you can scrape by anywhere else and maximize your savings it will pay off in the long run.

 

-How Money Works, secrets to financial success.

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One thought on “Debt Advisor

  1. Hi Keenan, hope you are doing well. Just wanted to connect with you and see how we can help each other in business. I was previously working in the industry as a dually licensed financial adviser, now I develop tools to help people become more confident in their personal finance and communication skills.
    How about we meet up in the next week or so? I am in the downtown core, do you want to meet downtown or meet somewhere closer to you?

    Andrew

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