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According to Forbes, one simple, flexible way to budget is to aim for your necessities to total no more than 50 percent of your take-home pay. The next 20 percent you can aim at your big goals, like paying off debt or saving up for a vacation.

Try a simple budgeting plan We recommend the popular 50/30/20 budget. In it, you spend roughly 50% of your after-tax dollars on necessities, no more than 30% on wants, and at least 20% on savings and debt repayment.

The 50/30/20 rule budget is a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt.

A personal budget or home budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. ... For example, jobs are an income source, while bills and rent payments are expenses.

Rent. Groceries. Daily Incidentals. Irregular Expenses and Emergency Fund. Household Maintenance. Work Wardrobe and Upkeep. Subscriptions. Guests.

The average monthly spending of one consumer unit in 2018 was $5,102. That means the average American budget is $61,224 -- a 1.9% increase from 2017.

Try a simple budgeting plan We recommend the popular 50/30/20 budget. In it, you spend roughly 50% of your after-tax dollars on necessities, no more than 30% on wants, and at least 20% on savings and debt repayment.

What are the most important characteristics of successful budgeting? To be successful, a budget must be Well-Planned, Flexible, Realistic, and Clearly Communicated.

According to the latest statistics, the average yearly expenses of a US consumer in 2018 is $61,224. That averages to $5,102 per month. This represents a 1.9 percent growth from 2017, during which average consumer spending in the US was $60,060.