How much should your bills be a month?

American Consumer Credit Counseling advocates limiting your debt service payments to no more than 5 percent of your gross income. For a $3,000 monthly income that works out to around $150 per month.

What bills do you pay every month?

1. Make a List of Your Monthly Bills

• Rent or mortgage.
• Electricity.
• Gas.
• Water and sewer.
• Internet/cable/phone.
• Subscription services, such as a gym membership, newspaper, Netflix or Hulu.
• Credit card bills and loan payments.
• Insurance.

How much does a single person spend on bills per month?

Monthly Budget

How much money should I spend on bills?

The rule states that you should spend up to 50\% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20\% savings and debt repayment and 30\% to everything else that you might want.

How much should your cost of living be?

The main idea is to limit your living expenses to roughly 50\% of your income. That way, you’ll have enough leftover for your savings and fun expenditures.

How much does it cost to raise a child?

In the US, the average cost of raising a child through the age of 17 is $233,610. This figure is based on data compiled in the most recent Expenditures on Children by Families report completed by the United States Department of Agriculture (USDA).

What amount of rent can I afford?

Most experts recommend that you shouldn’t spend more than 30 percent of your gross monthly income on rent. Your total living expenses (rent, utilities, groceries and other essentials) should be less than 50 percent of your net monthly household income.

How much should I spend on housing monthly?

You may want to take some time to reduce your debt before you apply for a mortgage. If your DTI is below 50\%, look at what percentage of your budget you’re currently spending on housing. As a general rule, you shouldn’t spend more than about 33\% of your monthly gross income on housing.