What % are you paying towards debt?

October 30, 2009 at 7:04 am (monthly budget)

I recently created a 10-month average of my budget and expenses and have been having fun playing with the numbers. Including my paychecks, rent reimbursements from my bf (he only pays 1/3 rent) and that yearly IRS refund, my income averages to $3,400 monthly.

Here’s how it works out.

Food = 15%
Bills (rent, utilities, insurance) = 36%
Savings = 2% (my EF had a big chunk in it prior to 2009)
And finally…
Debt = 26% (both minimum payments and extra towards principal)

Kinda fun to see it all laid out on paper.

So what percentage of your monthly budget is for debt payments? To calculate it, add up all your minimum required payments plus any extra you might make. Divide that number by your total monthly income. Move the decimal point two places to the right (ie, multiply by 100) to get the percentage you pay towards debt.

If you are one of the smart, hardworking types that are on the other side of the coin, meaning you have no debt and are saving or investing money, what percentage are you saving/investing?


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