In order to be able to speak the “language of money” and be able to stay on top of personal finances, and know where you are headed, you need to track these key metrics:

• fixed costs: rent/mortage, debt/payments, groceries, etc - any money spent every month that is “fixed”. Recommended: 50-60% of net income.
• savings: emergency funds, downpayment, etc. Recommended: 5-10%
• investments: this is where the real wealth is created. Recommended: 5-10%, but the more the better
• guilt-free spending: whatever you love. Recommended: 20-35%.

Tracking these numbers will allow you to benchmarks how you are faring economically.

References

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