It is also interesting to see his plan on dividing his saving into different categories, such as retirement savings, long term savings, short-term savings/irregular expenses, and fun money. Committed expenses:
- Basic food and clothing needs.
- Essential household expenses.
- Insurance premiums.
- Charitable contributions.
- All of our bills — even such non-essentials as our satellite TV service.
- ALL of our taxes. I’m not saying that 60% is a magic number. It’s a workable goal for my family, and it’s a nice round number. But your number might well be a bit higher or lower. At any rate, it’s a good place to start. A simpler way to save: the 60% solution – [MSN Money]
