I'm in the process of setting up a new budget and need some recommendations. I was wondering what percentage of your income would be reasonable to assume for the following categories (for a single mom supporting a child): Rent Mandatory Bills (electric, cable, phone, health insurance of $120) Savings Misc (gas, groceries, etc) My credit card will be paid in full and I may or may not have a car payment (that would be my only debt). I'm debating on that as well: * Pay car off, keep remaining money from sale of house in the bank/cd (depends on how much of a cushion that would give me) * Keep car payment and put all money from sale of the house in the bank/cd (it would be there if it's needed for a certain month) Would the car be a mandatory bill or misc? I'm not sure which way to go and don't want to make any drastic decisions without waying ALL the odds. With the economy my gut is telling me to keep it all in part CD/ part bank and just withdraw if it would be needed. I'd like to hear your recommendations/thoughts...If you had 6 months worth of expenses saved as an emergency fund, would you pay off car?