Utah Recommended Spending Percentages
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FAQ
The 50-30-20 rule is a budgeting framework that suggests allocating 50% of your income to needs, 30% to wants, and 20% to savings or debt repayment. This approach aligns with the Utah Recommended Spending Percentages, helping you balance various aspects of your financial life. By following this guideline, you can ensure a healthier financial future.
The economy of Utah is a diversified economy covering industries such as tourism, mining, agriculture, manufacturing, information technology, finance, and petroleum production. The majority of Utah's gross state product is produced along the Wasatch Front, containing the state capital Salt Lake City.
State and local governments spend most of their resources on education, health, and social service programs. In 2019, about one-third of state and local spending went toward combined elementary and secondary education (22 percent) and higher education (9 percent).
Education. The state's largest portion of the budget is often directed toward public and higher education, and the proposed 2020 budget is no different. According to the state budget, education needs account for roughly 46 percent of state-collected funds.
The State of Utah, across all financial activity, shows over $30 billion worth of revenue. However, much of this money represents financial activity not collected to fund government services, like proceeds from bond purchases or other financial instruments used by the State Treasurer to manage public money.
The State of Utah, across all financial activity, shows over $30 billion worth of revenue.
State Government Spending Total expenditures for all 50 states in the United States was estimated to be $2.7 trillion in 2020. General expenditures by function rounded in billions of dollars are listed in the table below. Welfare and education are the largest expenditures by state governments.
Social Security will be the biggest expense, budgeted at $1.196 trillion. It's followed by Medicare at $766 billion and Medicaid at $571 billion.
In 2019, 43 percent of states' direct general expenditures went toward public welfare, the largest direct expenditure as a share of state spending.
As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.
