household monthly budget percentage budget wheel

Expenses for a college student may be different than that of someone in their 50s. This is also a great opportunity to talk to your youth about how the spending pie and spending habits may change over time.

Cut it to fit your needs, but there are some general categories and the recommended percentages which we will cover below. The point is if you wish to break down your expenses more directly, it’s your pie. For example, your food category could be divided into groceries and eating out if you tend to dine out often. You may also wish to break up general categories. For example, if you generally have a monthly expense for books and gifts, toiletries and makeup, recreation or medical, then have a category for that and track it. If there is a spending habit that is significant, carve out a piece for that. The best thing you can do is make the pie chart your own.

Other charts have more general categories like life, food or entertainment. Some may break down areas with more detail like dining out, cellphone, taxes or laundry. It will benefit them, and yourself, to review the categories and see what percentages you have allocated to and where your household income goes each month.Īlthough there are many spending plan pie charts out there, most have the same general ranges and options. You may be tackling your taxes or looking over your yearly budget for 2016, and if you are, now is a great time to expose your children to the household budget and your spending chart. Michigan State University Extension suggests serving up the following tips! It’s quite fitting and adaptive, and geared towards their future financial health. This very low calorie pie is informational and highly recommended. It is beneficial to feed youth information from the spending pie even if they are not bringing financial support to the table. Youth need to stay healthy: physically, mentally, emotionally and don’t forget financially.

Household monthly budget percentage budget wheel