Life and Career Skills

Guidelines for Reducing Debt

Getting, and keeping, your debt in line with recommended budgeting guidelines, is an important step when reducing debt. Here are some recommended budgeting guidelines:   

• Housing 35%: Mortgage or rent, taxes, repairs, improvements, insurance, and utilities.
• Transportation 20%: Monthly payments, gas, oil, repairs, insurance, parking & public transportation.
• Debt 15%: Credit cards, personal loans, student loans & other debt payments.
• Other expenses 20%: Food, insurance, medical and dental bills, clothing & personal.
• Investments & Savings 10%: Real Estate,Stocks, bonds, cash reserves, retirement

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