FMOOD 0163: The Ideal Budget - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-05-28T06:00
If we're in debt, it's difficult to imagine an ideal budget. Many of us are budgeting for multiple credit cards, a couple of auto loans, and perhaps some personal loans. All of this debt makes it very challenging to realize what an ideal budget would actually look like.
While you may not be able to implement this budget right now, I think it's important to realize what an ideal budget looks like. It may help you to continue to stay motivated if you can plan to use this template for your own budget someday.
I'll explain these in more detail on today's episode, but here'a a high-level overview of how I define what would be an idea budget, based on percentages: housing (25% of your monthly take-home income), transportation (10% of your monthly take-home income), savings (10% of your monthly take-home income), food (10% of your monthly take-home income), utilities (5% of your monthly take-home income), insurance (10% of your monthly take-home income), recreation (5% of your monthly take-home income), clothing (5% of your monthly take-home income), personal care (5% of your monthly take-home income), giving (10% or more of your monthly take-home income), and finally, medical (5% of your monthly take-home income).
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