The Savings and Spending Budget in Microsoft Money starts off with an explanation of how monthly expenses are grouped, along with the recommended percentage of gross income to be budgeted for each group. These percentages can be edited later in the budget process of setting up your budget.
- 60% is to be spent for anticipated, relatively fixed expenses like food, clothing, insurance, taxes, utilities and all household expenses.
- 10% is to be saved for unplanned expenses such as unexpected auto repairs or medical bills.
- 10% dedicated to savings and paying down debt.
- 10% for retirement savings.
- 10% for discretionary income ("fun money").
Click Next to move on to estimating and entering gross income.