How would you split your monthly earnings?

On seedly, posted this recently... you can read the link below for comments from various members. Priorities in your family expenses...list them out..personal expenses list them out... who should pay which portion of the family expenses...like some wives will pay insurance for their children...whereas the husband will pay household expenses.

Financial Planning 101: Allocating your income

Priority is 🗝. Set your priorities and then how many % or how much go into your priority.

1) 5% to 10% of annual income to insurances.

2) 20% of annual income to emergency funds.(based on income/expenses.)(6 to 12 months)

3) 30% to 40% of annual income to expenses.

4) 10% of annual income to holiday trips.

5)25% to 30% of annual income to savings and investments.

This is my priority.. Number 1 priority is what i believe... Insurances..life and health is a must to have when I start work.

https://www.facebook.com/groups/seedlyfinance/s...

You can reach out to me to do a 2(husband and wife) to 1 allocating your expenses..

#planwithcolin​​​

Insurance:

As a general rule,

10% to 20% of your annual income on healthcare insurance and life insurance

Basic Life Cover = 10 times your annual income

Critical Illness Coverage = 5 times your annual income

Savings & Investment

20% to 30% of your annual income on savings and investment; at least 5% to 10% specifically for retirement.

Expenditure

50% to 60% on expenses; of which less than 35% on fixed expenses.

Here is a guide on cash flow planning and how I do my budget via automation.

Understanding Your Personal Cash Flow

How to create a Monthly Budget

On the whole, this is a general guideline which may or may not work for you. Therefore, I will suggest for you to consider consulting a professional for a customised calculation. This is especially when you have two children to take care of.

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