Looking for advice on budgeting best practices

Does anyone have good rules of thumb for budgets in general? For example, for a good budget you shouldn’t spend more than 30% on housing and 5% on entertainment, things like that?

hi @petef63 - sorry for the delay here. Tiller doesn’t offer any specific recommendations right now, but a popular breakdown is the 50/30/20 budget.

You can read more on our blog here: Use This 50/30/20 Budget In Google Sheets To Plan Spending

@petef63 it really all depends on your goals and how you like to handle things. My personal focus this year after finding tiller at the beginning of the year was to track all my finances and know where every dollar went. As eye opening as it was i was able to use that information to curb frivolous spending and allow myself to overall spend less than i earned. That simple foundation has been what has been taught to me through the years and try to save whats left and invest or hold on to it for a rainy day when you wont be able to always do so. Seeing everything in one place like Tiller is able to provide really shows the full picture of all of my household’s spending.

Maybe next year I’ll look at trimming more on the budget in order to get to good percentage levels but i also dont want to pigeon hole myself so much that i cant still be spontaneous either.

Maybe not the answer you were looking for but its all in the name of doing it personally to you as in personal finance. :grin:

Thank you and happy holidays!