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Is your Budget in Balance?

Last Updated: December 19, 2015 BY Michelle Schroeder-Gardner - 5 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

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 I found a great link for a budget calculator, find it here.

I don’t know if I agree with how everything is organized, such as my car could be in the “fun” category as well and not just in the “needs” category.  It’s definitely not something I need and I could get something more practical. And I would consider internet a “need” also. BUT, the calculator is interesting to see how you are dividing up your money.

My needs are 60%, wants are 17%, and savings are 23%.

Mine results are kind of close to their 50-30-20 rule (ok not close at all).  The article says 50% should be needs, 30% should be wants, and 20% should be savings.

How are your finances divided?

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5 Comments
Filed Under: Budget Tagged With: Budget, Debt, Savings

About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. LC says

    October 5, 2011 at 9:16 am

    So happy you commented on my blog so that I could find yours! Love it so far, you've def been added to my blogroll.50/30/20 is what I hope to start doing in January, when I move back out. Your savings are great, so good for you!Do you have Twitter? If not, you should get it… there's a great PF blogger community always chatting on there. :)I'm @blondeonabudget.

    Reply
  2. Counting all my star says

    October 5, 2011 at 1:59 pm

    Thank you soooo much for posting and sharing the calculator. It's a very cool way to see where I am currently at and where they recommend me being. Currently I'm 52/25/12 which isn't bad right? 😀

    Reply
  3. Michelle P says

    October 5, 2011 at 4:28 pm

    Thanks LC, I love yours also! And no, I don't have a Twitter, I want to soon though.And I think 52/25/12 is great!

    Reply
  4. annie says

    October 5, 2011 at 7:20 pm

    I'm pretty sure we are in balance, but it's always a good idea to do this sort of exercise from time to time just to be sure. This is a good reminder…thanks.

    Reply
  5. Rafiki says

    October 6, 2011 at 4:24 am

    I love playing with this stuff even though it's kind of hard for me to get stuff in the correct categories due to our different economy.I did come out with a 55/7/19 but it could be off due to me not knowing where to put some of the stuff.Awesome calculator though. Nice find.

    Reply

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My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.

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