Test five single budget

Want an investment plan, also known as a budget but do not want a detailed budget as complex as the kind that could be facilitated by these budget sheets to create.

Instead, what you want is a budget that is a "big picture".

At the same time, you do not want a budget that is as wide as is described in the 80/20 or 50/30/20 household budget. Want a budget that is a little more specific and structured.

They want the economic Goldilocks, a balance between the two. You want the kind of budget that you can divide your money in five or six categories: not too little, but not much.

What should you do?

Here's a breakdown of what your budget should look like when it is said to look in five categories. This budget is the editor Jean Chatzky revealed today show debt diet Oprah Winfrey. And here we go:

The unit must contain 35 percent of their income to take home. This includes mortgage or rent, home repairs and maintenance, property taxes, utilities such as electricity, gas, water and wastewater, and the owner or tenant insurance. In short, it includes all housing costs.

Transportation should not take more than 15 percent of your income to take home. This includes car payments you are finished, gasoline, car insurance, repairs and maintenance, the amount you pay for parking, or (if you use public transport), the amount you pay for the train or subway train ticket. Remember, the transport not only your car payment. It contains everything., Payment of your car, oil change, and developed his new film radiator and timing

Other expenses, which are primarily discretionary spending represents 25% of their income. This includes food, buy concert tickets, buy new clothes, attending sporting events, and take the family on a great holiday.

Economies are expected to consume 10 percent of their budgets. It is primarily for retirement and build an emergency fund.

Debt settlement is expected that 15 percent of their income to consume. This includes your credit card or student loans. Does not include mortgage payments or minimum car appears in the "housing" and "Transport". (You need the additional payments of your mortgage and auto, over and above the minimum.)

You may be thinking: Wait a second, why do you advocate a savings rate of 10 percent? You do not have budget for 80:20 and the two kinds of 50/30/20 20 percent savings avocado?

Yes, she did, but as you can see in the 80/20 budget and the 50/30/20 budget "savings" include the payment of debts.

This category five household savings and debts are listed in two categories. With 10 percent, with 15 percent for the other, you are 25 percent (total) on a combination of savings and debt repayment. This is even more aggressive and ambitious than recommended the previous two budgets.

Category Five Use This budget, if you have a budget that want to provide a bit more detail, but not too much.