Allocating expenses
The most common buckets are:
- Expenses, or your needs: housing, food, transportation, clothing, insurance, childcare, etc.
- Debt - monthly debt obligations: personal loan, student loan, auto loan, and credit card payments etc.
- Savings, including funds for your emergency fund.
- Consider automating your retirement contributions to ensure you stick to the plan.
- Wants: don't deprive yourself.
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