Table 3-1. Sample Balanced Money Formula Budget Needs: 50%, or $2,000 Wants: 30%, or $1,200 Savings: 20%, or $800 Rent: $800 Entertainment: $400 Credit card payments: $300 Utilities: $150 Dining out: $300 Your retirement savings: $200 Transportation: $300 Clothes and grooming: $200 Your spouse’s retirement savings: $200 Insurance: $150 Miscellaneous: $150 Your kid’s college fund: $100 Groceries: $500 Charitable giving: $150 Health care: $100 These numbers are targets.
