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Message
Stupid budget question
Posted on 4/20/14 at 8:28 am
Posted on 4/20/14 at 8:28 am
This is a pretty stupid question it seems but I also just can not get to click for some reason.
I've set up a budget based on percentages that I found doing research, for example 10% savings and not allowing the essential finances to total 65%. The essential finances include home, transportation, and food if I'm not mistaken.
After I allocated everything obviously having some catagories of my budget a few percentages higher or lower than the researched benchmarks I have about 1-3% of my monthly income unaccounted for.
The concept I can't get over is basically having every dollar of my monthly income mapped out to the point of having 0% income left. Should I just leave that 1-3% out there for a cushion or account for it throughout my budget? To me it doesn't seem like a bad idea to have 100% of your income mapped out because that's the point of a budget but for some reason it's bothering me. Any input would be appreciated. If this doesn't make sense, I'll attempt to further clarify. Excuse some typos this was posted from my cell.
I've set up a budget based on percentages that I found doing research, for example 10% savings and not allowing the essential finances to total 65%. The essential finances include home, transportation, and food if I'm not mistaken.
After I allocated everything obviously having some catagories of my budget a few percentages higher or lower than the researched benchmarks I have about 1-3% of my monthly income unaccounted for.
The concept I can't get over is basically having every dollar of my monthly income mapped out to the point of having 0% income left. Should I just leave that 1-3% out there for a cushion or account for it throughout my budget? To me it doesn't seem like a bad idea to have 100% of your income mapped out because that's the point of a budget but for some reason it's bothering me. Any input would be appreciated. If this doesn't make sense, I'll attempt to further clarify. Excuse some typos this was posted from my cell.
3
Posted on 4/20/14 at 8:32 am to JAE20
Honestly I wouldn't worry about it. The actuals won't track the plan that closely anyway.
Posted on 4/20/14 at 8:42 am to JAE20
Gonna be tough to track everything down to an exact %
What are your categories?
Do you have an emergency fund with 6-12 months of living expenses in it?
What are your categories?
Do you have an emergency fund with 6-12 months of living expenses in it?
Posted on 4/20/14 at 9:25 am to JAE20
I sort of accounted for it by just making a slush account tracking goal. As others have said, you're not going to be 100% accurate, since you'll have monthly fluctuations and life events. This works for me so if I come in under a few bucks are saved and if I'm over the next month, it will come from this account. I've made a mental note that if this account reaches say a $1,000, any overage will move to long term savings/investments and on we go.
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