Is there a perfect monthly budget?

As more and more people in the UK face up to the fact that they may be a financial difficulties for some months and years to come, the pursuit of the perfect monthly budget continues. While ultimately there is now one budget to suit everyone, many people believe the following is a very useful guideline for those looking for assistance:-



Take-home pay



35% for home and cost of living expenses

15% for travel

25% on extras such as clothing, birthdays, anniversaries, etc

15% on debt repayment

10% for savings



While this is a broad formula for a monthly budget used by many people around the world it really is only a guideline and you may need to tweak and adjust some of the figures to fit in with your lifestyle and income. However, even if you were to find the perfect budget it is worth remembering that incomes change, family needs change, work situations changes and other elements of your life are not always constant.



One thing which is vital is the need to apportion a percentage of your monthly income to certain areas of your life and living expenses. Even if you have to adjust different areas at different times of the year it will give you something to work on and help you visualise exactly where your money goes on a monthly basis.