025 Financial Excellence: How Much to Spend on Budget Categories

15 Sep 025 Financial Excellence: How Much to Spend on Budget Categories


Living In Financial Excellence

Living In Financial Excellence Episode 25: How much to spend on food, housing, transportation, giving clothing, and much more, Sept 15, 2010.

In today’s episode we talk about recommended percentages for each category of your budget or spending plan. This is a question posed by one of our listeners looking for guidance on how much she should be spending on different areas of her budget. We cover each major category today and the general guidelines for each category to help you plan out your monthly and longer-term strategies.

Show notes:

– We had a great weekend filled with projects around the house. We got some high quality mulch wood chips for a VERY good price from our friend Cole Phillips at Arbor Arts. If you’re in the Sheboygan area and need advice or some tree trimming from a certified arborist, we highly recommend Cole. Give him a call at 920-980-9983, especially if you need some inexpensive, quality wood chips for your landscaping.

– The most recent Financial Peace University class held at our church concludes this week. The class has some impressive results in their financial lives. After the first six weeks, 13 people had paid off $16,000 in debt and saved over $15,500. Plus, they avoided over $1 million in debt and credit card offers in the mail. That’s pretty good for just the first half of the class!

– We’ve placed a worksheet on our website to help you set some goals for your spending. We recommend you first do a monthly budget, or spending plan, then calculate the percentage of your take home pay for each major category. Next, use our recommended percentages worksheet to see if you’re out of line in any particular area.

– We spent a good amount of time talking about charitable giving today. How much should you give? Why should you give? What is the difference between tithes and offerings? Do you have to give only to a church? What if you aren’t able to give 10% of your income to your church or local charity? We answer all these questions in today’s episode.

– Matt is teaching a live webinar about the myths of the financial world to raise money for our charity of choice, the Kayleigh Ali Vascular Anomaly Foundation. Class will go live on Tuesday, September 28th at 6:30 pm. The same seminar in down-loadable format is available for purchase on my website for $22.97, but we’re teaching it live via the web for a donation of only $10.

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