Date: Mon, 31 Jul 2006 09:53:15 -0500
From: SD 
Newsgroups: misc.invest.financial-plan
Subject: Re: "Good" breakdown of expenses
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fsa3@optonline.net wrote:
>> There was a time that banks qualified you at 28/36, i.e. you could use
>> up to 28% of your grossincome for mortgage payments (I believe that
>> included insurance and property tax) and up to 36% of your income for
>> all debt servicing including the mortgage. This was a guideline only.
>> Often the banks would permit you to go over, sometimes charging a higher
>> rate for a higher debt ratio.
>> I've not seen specific guidelines on utilities/food.
>> JOE
> 
> Thanks for the reply,
> 
> I'm not really looking for a banks guideline but rather a guideline for
> a "good" financial plan.  I know banks will let you push yourself to
> the limit which is what I don't want to do.
> 
> My situation is that our household net income a month is a little under
> 9K.  Right now our mortgage + taxes is approx 3K with utilities another
> 800.  After all other expenses are avg monthly expenses have been
> around 8500 which to me is too much (not enough savings).
> 
> Frank
> 
Your mortgage and taxes are not your problem. The other expenses are. I can't 
imagine what you can spend 4700$ a month on (or for that matter how 800 on 
utilities is possible). You need to find where that money is going and cut out 
whatever you don't need. 4700/month approx. = payments on a 5 yr loan on an 
Aston Martin :)

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