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60% solution

December 30th, 2006 at 05:16 pm

When I first found this site early 2006 was actually participating in the 60% solution in which you limit your spending to 60% of your total income or less. Some where down the line I stopped, when or why I do not know. But for the New Year I have decided to start back at it again especially since I really want a house with out any debt..including a car payment. Thank God my card is paid for with very little problems. Here is what I plan on doing it's a little different than what's posted on MSN:

Total income
-10% savings
-10% irregular spending(tuition, insurance, etc)
-20% long term goals (new home)
-5% IRA
-5% fun money
50% other expenses
-----------------
100%

Posted in Reaching Financial Freedom | 5 Comments »

5 Responses to “60% solution”

  1. tinapbeana Says:
    December 30th, 2006 at 07:19 pm 1167506375
    1167506375

    the 60% thing is what got me started, too, and i've found it quite helpful!

  2. sarah Says:
    December 30th, 2006 at 09:04 pm 1167512683
    1167512683

    interesting! good luck

  3. Lez Save $ Says:
    December 31st, 2006 at 12:59 am 1167526749
    1167526749

    same!!! I started on msn's 60% solution as well, and now I have created my own 40% solution. My total expense is around 40% of my monthly income. So you can do it!! Just gotta reward yourself for all the good work!

    good luck!

  4. LuxLiving Says:
    December 31st, 2006 at 02:08 am 1167530889
    1167530889

    At one time we did 60% as well - only it was The Richest Man In Babylon that got me started. I modified it to:

    10% Tithe
    10% Savings
    20% Debt Reduction
    60% Current living expenses

  5. PRICEPLUS Says:
    December 31st, 2006 at 03:31 am 1167535898
    1167535898

    Sounds like an interesting way of doing things!Smile

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