It Pays to Do the Math In the Budget Game

Set aside about 8 percent to cover transportation costs, which include car loans, insurance payments and fuel. (By David Paul Morris -- Getty Images)

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Here is a list of budget allocations MMI recommends, including comfortable or affordable ranges:

· Personal debt (credit cards, personal loans), 14 percent, with a range of 10 to 20 percent.

· Housing , 27 percent. Range: 20 to 35 percent

· Food , 21 percent. Range: 15 to 30 percent.

· Transportation (including car loan, insurance, gas, etc.), 8 percent. Range: 6 to 20 percent.

· Utilities , 6 percent. Range: 4 to 7 percent.

· Clothing , 4 percent. Range: 3 to 10 percent.

· Miscellaneous (travel, child care, entertainment, gifts), 1 percent. Range: 1 to 4 percent.

· Savings , 7 percent. Range: 5 to 9 percent.

· Insurance (health, life, disability), 6 percent. Range: 4 to 6 percent.

· Personal care , 3 percent. Range: 2 to 4 percent.

· Health (prescriptions, eye care, dental), 3 percent. Range: 2 to 8 percent.

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