Comments on: Budgeting for Non-Budgeters: The 60% Solution http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Fri, 24 May 2013 20:48:04 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Briana @ GBR http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-1068362 Briana @ GBR Mon, 03 Jan 2011 22:52:33 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-1068362 This actually works out better than I expected. I'm going to set this on automatic so that I won't have to worry about it and everything can work out for me :) This actually works out better than I expected. I’m going to set this on automatic so that I won’t have to worry about it and everything can work out for me :)

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]]> By: Craig http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-634491 Craig Sun, 08 Aug 2010 03:40:56 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-634491 Into which category do you place Social Security? Treat as a tax or as retirement? If in retirement, that consumes 6+% of the 10% allocation. Into which category do you place Social Security? Treat as a tax or as retirement? If in retirement, that consumes 6+% of the 10% allocation.

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]]> By: Anthony http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-439961 Anthony Fri, 07 May 2010 16:58:15 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-439961 I think that the point of the 60% solution is to help you realize that you're living beyond your means. There's no point in keeping up with the Jones if it forces you to spend yourself into the poorhouse. So, if you maintain your basic sustenance on 60% of your salary, then you don't have to worry about feeling anxious about how you spend the rest of your money I think that the point of the 60% solution is to help you realize that you’re living beyond your means.

There’s no point in keeping up with the Jones if it forces you to spend yourself into the poorhouse.

So, if you maintain your basic sustenance on 60% of your salary, then you don’t have to worry about feeling anxious about how you spend the rest of your money

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]]> By: Griff (Financial Freedom 5G Team) http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-218010 Griff (Financial Freedom 5G Team) Mon, 11 Jan 2010 15:33:38 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-218010 Good idea with the different percentages, but actually following through with getting the job done by spending less is the hard part. It's where most people fail in my opinion. Plans are good, but actions are better. The site http://financialsecrets101.com helps people take action instead of just coming up with a plan. I like the 60% solution though, it's a good idea to aim for saving and investing 20% of your income if possible. Good idea with the different percentages, but actually following through with getting the job done by spending less is the hard part. It’s where most people fail in my opinion. Plans are good, but actions are better.

The site http://financialsecrets101.com helps people take action instead of just coming up with a plan.

I like the 60% solution though, it’s a good idea to aim for saving and investing 20% of your income if possible.

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]]> By: » Advice For Managing Your Career: 50+ Resources For Programmers & Software Engineers : devnulled: A stream for software developers and engineers http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-116349 » Advice For Managing Your Career: 50+ Resources For Programmers & Software Engineers : devnulled: A stream for software developers and engineers Thu, 07 Feb 2008 18:15:04 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-116349 [...] Budgeting For Non-Budgeters [...]

[...] Budgeting For Non-Budgeters [...]

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]]> By: Stacy http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-115165 Stacy Fri, 01 Feb 2008 08:45:57 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-115165 The budget feature on Microsoft Money Plus lets you assign specific categories to the above budget of 60/10/10/10/10. It is an easy way to see how your finances fit into this budget. The only thing I question about this plan is when your income increases. I'm not sure I like the suggestion that you should spend more as you make more. What about the popular advice to be more frugal and save your raises? Or is that only until you are at the 60/10/10/10/10 level? The budget feature on Microsoft Money Plus lets you assign specific categories to the above budget of 60/10/10/10/10. It is an easy way to see how your finances fit into this budget.

The only thing I question about this plan is when your income increases. I’m not sure I like the suggestion that you should spend more as you make more. What about the popular advice to be more frugal and save your raises? Or is that only until you are at the 60/10/10/10/10 level?

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]]> By: 8 Ways to Take Control of Your Finances in 2008 ? Get Rich Slowly http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-111073 8 Ways to Take Control of Your Finances in 2008 ? Get Rich Slowly Mon, 07 Jan 2008 15:05:31 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-111073 [...] a variety of budgeting methods you can choose, from Andrew Tobias’ three-step budget to the 60% budget. Last October, I wrote about the spending plan, a budgeting method for [...]

[...] a variety of budgeting methods you can choose, from Andrew Tobias’ three-step budget to the 60% budget. Last October, I wrote about the spending plan, a budgeting method for [...]

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]]> By: Getting Started with Personal Finance http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-92822 Getting Started with Personal Finance Mon, 16 Jul 2007 21:24:24 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-92822 [...] Budgeting for Non-Budgeters [...]

[...] Budgeting for Non-Budgeters [...]

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]]> By: 7 Ways to Take Charge of Your Finances in 2007 ? Get Rich Slowly http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-87358 7 Ways to Take Charge of Your Finances in 2007 ? Get Rich Slowly Thu, 24 May 2007 23:15:07 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-87358 [...] a variety of budgeting methods you can choose, from Andrew Tobias’ three-step budget to the 60% budget (which I’m considering for 2007). You might also try [...]

[...] a variety of budgeting methods you can choose, from Andrew Tobias’ three-step budget to the 60% budget (which I’m considering for 2007). You might also try [...]

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]]> By: 7 Ways to Take Charge of Your Finances in 2007 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-56882 7 Ways to Take Charge of Your Finances in 2007 Mon, 29 Jan 2007 19:28:52 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-56882 [...] Many people — including myself — fail to budget for a variety of reasons: it’s boring, we don’t need it, we don’t know how. But this simple act provides a roadmap for your money. There are a variety of budgeting methods you can choose, from Andrew Tobias’ three-step budget to the 60% budget (which I’m considering for 2007). You might also try PearBudget. Do what works for you! [...]

[...] Many people — including myself — fail to budget for a variety of reasons: it’s boring, we don’t need it, we don’t know how. But this simple act provides a roadmap for your money. There are a variety of budgeting methods you can choose, from Andrew Tobias’ three-step budget to the 60% budget (which I’m considering for 2007). You might also try PearBudget. Do what works for you! [...]

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]]> By: Archetypical http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-47728 Archetypical Fri, 19 Jan 2007 18:07:07 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-47728 The 60% solution article has been republished a few times... there is currently a calculator at http://moneycentral.msn.com/content/common/P139593.asp The 60% solution article has been republished a few times… there is currently a calculator at http://moneycentral.msn.com/content/common/P139593.asp

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]]> By: Sandra http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-37943 Sandra Tue, 02 Jan 2007 16:23:10 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-37943 I checked out the original article, but I'm not sure what calculator you are referring to. Can you help? Thanks! I checked out the original article, but I’m not sure what calculator you are referring to. Can you help? Thanks!

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]]> By: Lifehacker http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-185 Lifehacker Thu, 01 Jun 2006 20:01:34 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-185 <strong>The 60% savings rule...</strong> The editor in chief of MSN Money, Richard Jenkins, says the best way for him to come out ahead at the end of the month financially is to only spend 60% of his income. Socking away 40% of your income......

The 60% savings rule…

The editor in chief of MSN Money, Richard Jenkins, says the best way for him to come out ahead at the end of the month financially is to only spend 60% of his income. Socking away 40% of your income……

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]]> By: J.D. http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-74 J.D. Wed, 17 May 2006 16:44:27 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-74 While bugets based on net income are certainly more common, some people prefer to use gross income as their basis. I believe they choose this option for a couple of reasons: a) it emphasizes how much is spent on taxes; b) it encourages allocating larger chunks to other categories (for example, investing 10% of your gross toward your retirement will get you to your goals faster than 10% of your net); c) it's a more accurate representation of how your money is being spent. I'm new to budgeting (just fooling around with <a href="http://www.getrichslowly.org/blog/2006/04/16/pearbudget/" rel="nofollow">PearBudget</a>), and haven't decided which method I'll use. While bugets based on net income are certainly more common, some people prefer to use gross income as their basis. I believe they choose this option for a couple of reasons: a) it emphasizes how much is spent on taxes; b) it encourages allocating larger chunks to other categories (for example, investing 10% of your gross toward your retirement will get you to your goals faster than 10% of your net); c) it’s a more accurate representation of how your money is being spent.

I’m new to budgeting (just fooling around with PearBudget), and haven’t decided which method I’ll use.

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]]> By: Tam http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/comment-page-1/#comment-73 Tam Wed, 17 May 2006 16:31:38 +0000 http://www.getrichslowly.org/blog/2006/05/17/budgeting-for-non-budgeters-the-60-solution/#comment-73 How does a budget based on grossly income work? What about the stuff that is taken out in taxes? Or does "gross" have some different meaning here? (Oh I see, the 60% category includes taxes. But that's kind of weird, isn't it, since you have almost no control over those?) How does a budget based on grossly income work? What about the stuff that is taken out in taxes? Or does “gross” have some different meaning here? (Oh I see, the 60% category includes taxes. But that’s kind of weird, isn’t it, since you have almost no control over those?)

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