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What’s Dave Ramsey Say About Budgeting?

01/09/2013 5:55 PM ⋅

Dave Ramsey Budget Recommendations

The Four Walls- Priorities in a Budget:

1) Food

2) Shelter / Utilities

3) Transportation

4) Clothing

 

Budget Percentages Guidelines

(Multiply your total income by recommended % to see how you are doing.)

Food/Groceries-  5-15%  Include grocery stores, restaurants, and even those drive-thru windows or vending machines.

Home- 25-35%  Depending on whether you rent or own your home, this category consists of items such as rent/mortgage, repairs, property taxes, homeowner’s insurance, and even furniture.

Utilities– 5-10%  Include electricity, water, gas, internet, phone, and trash pick-up.

Automobiles- 10-15%  Include auto insurance, repairs, license, registration, taxes, gas, and oil.  (If you are making car payments – include that in the DEBTS category.)

Clothing/Shoes– 2-7%  Even though you might think this is more of a personal item, it really is a necessity.

Medical-  5-10%  This is a tough and frustrating category for most people, but it includes things like health insurance, disability insurance, doctor bills, and medicines.

Personal/Misc– 5-10%  This category contains a lot of variety.  Examples include hair care, school supplies, life insurance, alimony, child care, subscriptions, pet supplies, toiletries, gifts, and other miscellaneous items.

Recreation-  5-10%  Don’t let life go by without having some fun. Live a little, but make a plan first.  Set aside some money for entertainment and vacation.

Contributions– 10-15%  This includes places such as your church, non-profit organizations, and education foundations.  It does not include gifts.

Savings/Investments– 5-10%  This includes items like your retirement, mutual funds, college savings, and even your emergency fund.

 (Dave wants you to be debt free more than anybody, but while you work on that he recommends:)

Debts– 5-10%  Most Americans don’t like to look at this category, so get it paid off quickly.  Add up things like car payments, credit cards, and student loans.  Include everything you owe money on EXCEPT the house you live in.

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Posted in: Dave Ramsey Tips, Financial Tips, News to Know, Savings ⋅ Tagged: , , ,

New Regulations for Tax Preparers

01/08/2013 12:29 AM ⋅

The IRS has seen the need in recent years to regulate tax preparers due to the abuses by some unqualified and incompetent “preparers”. Be wary of anyone who prepares your return but doesn’t sign it, or of anyone who offers you “mo’ money” (aka a larger refund) by adding deductions you are not entitled to. Also, protect yourself from the “herd” mentality of chain offices that employ many “preparers” with little experience or knowledge of the tax industry and charge exorbitant prices.

A Tax Haven provides experience you can trust. I have been active in the tax industry since 1988. As an EA (Enrolled Agent), I am required to maintain Continuing Education hours every year. New clients have often said, “No one has ever asked me that before” or “I’ve never had anyone explain that before.” My goal is to keep my clients informed and to help them keep as much of their hard-earned money in their own pockets as possible.

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Posted in: News to Know, Tax Preparers ⋅ Tagged: , , ,