In my earlier post, I talk about the Liz Weston Budget. Now, MSN Money has put up a calculator on their website see how your budget breaks up in percentages and if you are on track if you follow this budgeting method. Please click below for this budget calculator:
50-30-20 Budget: A simple spending breakdown.
There are so many ways to budget out there, however, you know hat you are on track if you fit the definition of a strong budget for each personal finance expert such as Liz Weston, Suze Orman, or Gail Vaz-Oxlade.
I'm a teacher and am trying to set up a 50%, 30%, 20% budget. I am not paid in the summer for three months.
ReplyDeleteAny suggestions on how to set up this budget? Divide my yearly salary and save enough during the school year to equal the monthly amount for the unpaid months? Or save for my must haves that are big (insurance, property taxes, etc) just during months I'm paid?
I've been going back and forth on the best way to handle this. I want to start now, but I won't be paid for the next three months. Or I could have one budget for the working months and another for the non-working months.
I do have enough savings to last me for the summer.
Thanks for any ideas you might have.
This is a common question, therefore, please see my post on Nontraditional Earnings posted 6/21/11.
ReplyDeletehttp://moneysmartgrad.blogspot.com/2011/06/nontraditional-earnings.html
The online savings account calculator is noted to be dynamic in nature. One has to bear in mind that the interest levels might vary according to the financial institution.
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