What Is The Maximum Percentage Of Net Spendable Income That Should Be Set Aside For Housing?

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Question

What is the maximum percentage of net spendable income that should be set aside for housing? A) 25% B) 38% C) 36% D) 28%

Answer

Answer;-38 %Explanation;-Budget busters are the large potential problem areas that can destroy a budget. Failure to control even one of these problem areas can result in financial disaster.-Housing takes about 38 percent of your monthly budget. Housing decisions should be based on need and financial ability, not on internal or external pressure.-Food takes 12 percent of your monthly budget.  The reduction of a family’s food bill requires quantity and quality planning.-Transportation (purchase and maintenance), takes 15 percent of your monthly budget, Debts takes 5 percent of Net Spendable Income, Insurance takes 5 percent of Net Spendable Income assuming an employer provides medical insurance, Recreation/Entertainment takes 5 percent of Net Spendable Income, Clothing takes 5 percent of Net Spendable Income, Medical and dental takes 5 percent of Net Spendable Income and Savings takes 5 percent of Net Spendable Income.

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