Join personal finance columnist Michelle Singletary March 5 at noon to talk about how to set up a monthly budget and save for what matters to you. Accessibility statement Skip to main content.

If your budget percentages add up to, say, 120%, or even 101%, and you follow the financial path you've laid out, you'll struggle with your cash flow and will lose money every year.

Contingency planning is about creating a financial safety net. It's a proactive approach to managing unexpected expenses, ensuring you're not caught off guard.

“Often it is suggested that a retiree take their preretirement income and estimate 70% to 80% as a good retirement budget,” Steinke said. If you’re still working and your salary is $100,000 ...