Quote:
Originally Posted by
wetnose 
25% for shelter (all in) is a good rule of thumb, as long as you're staying in a good area and it represents good value for money.
Since you're young, put away at least 20% in savings. Always good to have backup.
Where you live can have a big effect on what percentage of income you spend on housing. As a recent (may) law school graduate I'd love to be only spending 25% on Shelter (inc. utilities/etc), shit I'd be fuckin ecstatic. But then I live in Chicago, which while its not NYC, is still going to mean somewhat high rent, however I have less expenses in other areas, for example my total commuting expenses is $85 a month for cta pass. What I mean to say is that a person's income and total situation may require that housing eat up maybe 40% of expenses.
Also, to OP - you're thinking 50% on housing/entertaining and saving the other half? What, you have no loan payments? Lucky....