As you know I am reading Get a Financial Life by Beth Kobliner this week. I've only read the first few chapters of this book and I have gotten so much out of it already!In her book she lists the following Financial Rules of Thumb:

The Debt Target: Your debt payments (not including your mortgage) should be less than 20% of your monthly take-home pay AND the unpaid balance on your consumer debt (credit cards, car loans - not your student or home loans) should be less than 20% of your annual take-home pay
The Housing Target: Spend no more than 30% of your monthly take-home pay on rent or mortgage payments (I am solid with this rule!)
The Savings Target: Save at least 10% of your take-home pay each month (I do this too!)

There is room for improvement for me with the Debt Target. I recently bought a 2010 Honda Fit Sport (which was direly needed as my 2000 Chevy Cavalier was literally falling apart) which has significantly increased my debt to income ratio. I am meeting the second half of the rule which is my total unpaid balance of consumer debt is less than 20% of my annual take-home pay (go me!). Ultimately I want to pay off all of my debt - so look for a post soon about a debt repayment plan.I am meeting Beth's Housing Target. In October I moved in with my lively friend Jackie. She had just bought her beautiful house and I was lucky enough to rent out "The West Wing" as we call it. I get my own bedroom, spare room and bathroom!I am right on-par with the recommended Savings Target. I transfer exactly 10% of my income into my savings account.Budget Complete!One of my financial goals this week is to create a budget. I am proud to say that I sat down tonight and completed it!! I used a basic Microsoft excel budget template and filled in February and March expenses/income from my debit card statements. It was quite an eye opener to see how much I have been spending on tea and coffee lately! Also, slacking on bringing my own lunch to work isn't helping matters either..Completing my budget is quite exciting but it has been a challenge for me to stick with it in the past. I am looking forward to The Envelope System guest blog this Saturday!