Blue & White Finance reposted this
All my budgeting rules of thumb in one post: 👉 Rent/Mortgage payment <= 30% of net household income 👉 Adding children - budget will increase by 3000-5000 per child. 👉 Groceries - 800-1200 ₪ per person per month 👉 Take-home pay from a raise: 15,000-30,000 ₪ range => Take home 45-50% 30,000 ₪+ => Take home 35-40% 👉 Max. budget for bank fees and credit card fees - 0 ₪ 👉 Mortgage payment - 5,500 ₪ /month for every 1M ₪ (30 year mortgage) 👉 All-in cost for a 2nd-hand family car - ~2,500 ₪ /month 👉 Life insurance costs (monthly premium) per million shekel: Age 30: 30-40 ₪ Age 40: 50-70 ₪ Age 50: 120-150 ₪ Age 60: 300-400 ₪ 👉 Emergency fund - 2-4 months of expenses 👉 There are 4.3 weeks in a month, not 4 👉 Every shekel saved today can grow 10x in 30 years Valuable? Save for later or share to your network.