The Other 80 Percent
That leaves 80% to be divided among mortgage payments (or rent), utilities, insurance, furniture, food, clothes, transportation, medicine, recreation, etc. How this is distributed is your decision. The more you spend on housing, the less you spend on other areas. The most common mistake young couples make is to purchase a house that is beyond their income.
Before marriage, it is difficult to know the exact cost of housing and utilities and many more categories listed above. I have often encouraged couples who are contemplating marriage to find a couple who has been married about three years and is living in an apartment or house similar to what you would contemplate buying or renting. Let them share with you the approximate cost of renting and utilities. They may be willing to give you a list of their other expenditures. This will give you a somewhat realistic idea of what to expect.
A common guideline is to spend no more than 40% of your net income on housing and utilities.
To be continued tomorrow by God's grace
#Amos:3:3
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