All Your Worth: The Ultimate Lifetime Money Management Plan.
Elizabeth Warren & Amelia Tyagi
This mother and daughter pair wrote a book about managing your finances by using percentages. 50% of your after-tax income goes to Must Haves (things you have to have to live, such as food, shelter and any long-term contracts you are signed into), 30% to Wants (everything that isn't a must-have or savings) and 20% to Savings (money you save or money you pay toward credit card debt). I think the percentages method might work well for people who don't want to spend hours crafting and refining a budget, and everyone can save more money. There is also a helpful section about Bankruptcy. Not only if you should declare it, but also what actually happens during the bankruptcy process. I've never read anything like that in a personal finance book and found it very interesting and sympathetic. I enjoyed this book and think their system is a pretty sound one. Interestingly, I read about this book in the paper and put it on hold in the library. I was 12 of 12 on the hold list and the library had three copies. I checked in now and then to see how things were progressing and nearly everyone returned the book late. I wonder how their finances are?
Interesting. Will you try to adopt their prescribed method of budgeting? I wonder what the hold time looks like at our library! -S
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