70-20-10 Rule:

” Overall a good way to keep debt in check is to follow the 70-20-10 rule. Spend 70 percent of your income on living expenses such as rent, food, and gasoline. Save or invest 20 percent of your income for financial goals and emergency expenses. Spend 10 percent on debt payments for items such as credit cards and car and school loans.”

-Student Guide, NEFE High School Financial Planning Program