Recently promoted and want to shift my budget process to something more formal. Anyone have tips - tools, suggested %s, etc?

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Posting as :
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if people can build million dollar
corporate budgets using excel, i’m pretty sure you’re fine to use it for personal finance

if you’re looking for tips on how to budget, check out FIRE or any other personal finance community

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Go on reddit personal finance but general points:

Save at least15%-25% for retirement

Avoid spending more than 40% gross on housing

Avoid high interest debt/pay off high interest a debt monthly

Track spending

If investing make sure to max ira and then 401k before Taxable brokerage account

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I’ve heard more to stay within 30% of gross for housing. Lots of financial people suggest the 50/30/20 method. Spend 50% of your income on needs, 30% on wants, and save the remaining 20%.

What budget process are you referring to?

personal finances

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YNAB and Monarch are popular but both cost money

At the simplest level -

don’t spend money on things you don’t need, and when you do spend, be prudent/buy things when “on sale”.

Save the rest - have a few months salary as a rainy day fund in something liquid. Put at least 10% before taxes away for retirement (heavy on equities) and everything else in a blend of index funds

Tracking things is potentially interesting but honestly not that helpful

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