Released: September 14, 2006

Some answers to your budgeting questions

Source: By Michelle Singletary, Syndicated Columnist [Washington Post] (Free Registration)

Anytime I drive to a place for the first time, I get directions. Sometimes I do this even if I’ve been there before. I’m always looking for an easier, quicker way to get from here to there.

The same approach goes for your budget. If you want to know where you’re going financially, you need a road map. And just like any trip, there can be several ways to get to your destination. That’s why you should update that map periodically.

In a recent column, I provided a set of budgeting principles to help folks get to where they want to be financially. Many readers had questions about the budget percentage guidelines, provided by Money Management International, the operator of a network of nonprofit credit counseling agencies.

One reader asked: “Do you have a guideline for what percentage of income a family should spend on their annual vacation?”

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