Originally Posted by jokergerm
My wifes not thrilled on the new m5 purchase beacuse its alot of money and we dont need a new car. I just really really want a new car
So how much of your total monthly income do you think is ok to have going outward. Including everything, house pmt, cars, food, insurance, misc fun items.
I made a budget and we have to spend about 35% of our gross income to pay for all bills and general living costs, if i get the m5 it would be about 38% And some how i manange to spend another 50% on stupid crap and misc stuff
Just looking for advice.
In my opinion, one should be able to save some good percentage after all expenses. Your savings account should have enough money to pay for your car/house/rent/groceries/food for at least 6 months to 1 year if you loose your job.