I make 2800$ per month. How should I spend my money?

Question

I mean like what percentage should go to my house, my food, car, entertainment, savings ect.

Answer 1

The percentage of a families income that is spent on housing, transportation, food etc is a trailing indicator of how income is budgeted.  People with larger incomes can spend a larger percentage on a single item like housing and still have plenty for food and transportation.  The minimum cost of housing, food and transportation tend to be larger percentages of people on low incomes.

Allocate your income by need rather than percentage, the first step is to get on a budget.  You can download a free budget workbook from:  http://www.bills.com/guide/

or use an on-line tool at: http://www.kiplinger.com/tools/budget/

Here are the steps to establishing a budget, in general you will be comparing your monthly income with your monthly expenses;

1. List your monthly take home income.

2. List your monthly expenses; Essentials first such as housing (rent or mortgage), groceries, utilities, car insurance, car payment, car gasoline.

3. Utilities and groceries will vary from month to month so determine a conservative (high) average amount.  I include anything bought at a grocery store in my grocery budget; food, cleaning supplies, kitchen and bathroom supplies.

4. Amortize your car insurance over the period of coverage, for example if you pay $600 for 6 months coverage the monthly expense is $100.  So put $100 each month in savings so you are ready for the next payment when it comes due.  A budget will help you begin to save for future purchases rather than paying for past purchases.

5. Include money in the budget for car maintenance, home repairs and medical needs, these expenses come along and will ruin a budget if you don't have something saved up.  I save $50 per month per vehicle for maintenance.  After some months go by and you have savings in the bank for car maintenance, home repair and medical needs it may be tempting to spend it, but don't.  Eventually you will need the money to repair your car or for some other unexpected expense.

6. Now that you have income budgeted for monthly essentials and debt payment the remainder of your monthly income can be budgeted for clothing, activities, gifts and holidays and savings.  Your first savings should be for a 3 - 6 month income emergency fund.  After 3 - 6 months income is saved you can start or increase savings for your retirement.  You might also start saving some amount each month for your next car so that you have at least a down payment.  You can also begin saving for a down payment on a house.

One other important step to take is to record your spending for a month or two.  Most people are surprised by how much they are spending for some items; eating out, groceries, snacks and treats are typical.  Controlling your spending is the other side the budget balancing equation.

Finally, don't use credit cards unless you spend only what you have in your budget and pay the entire balance each month.  A budget takes 3 - 6 months to take effect, some expenses may come along before you have money saved, but stick with it.  Your budget will catch up with any unexpected bills and you will have savings to cover the expenses the next time.

God bless!

Answer 2

2800times12=34,000

34gram a year is a so-so profit making job however with time u will save big money:D

i would deal this with your family to discuss how much u should save for your kids colleges(if u have any) or savings for a car or morage for a house. First things first i would use 30 to 50percent (depending on the situtation) for your house and food and save the rest over time for savings or if your planning to buy enterainment. If i were you i would use maybe some money to wisely invest in a stock or other companies to make more profit if you are lucky in the furture....however thats your choice:)

good luck and i hope that helps you^^