So decided to see what portion of our budget went to what and here are our numbers.

Necessary Expenses - 32%
(or better to call this hard to cut expenses since some of them wouldn't qualify as true necessity.)

Fun Money - 13%

Savings after tax - 5.4%
[doesn't include DH's 401(k, he currently contributes 5% of base pay to get 100% match)]

Debt Repayment - 51%

If one of us lost our job we would still need 45.5% of our income to meet all our obligations at the moment(includes min payment on credit cards).

Once the credit cards are finished and we have bought a house I am shooting for the following:

Necessary - 40.5%
(includes mortgage and taxes since its the equivalent of rent)

Fun - 17%

Savings - 38%
[still not including the 401(k)]

Debt - 4.6%
(one lonely student loan which will have a lower interest rate then the mortgage and is on the 10 year plan)

Course, this is overly simplistic and requires our salaries to be frozen in time and my DH to fail to earn any bonuses BUT it does give me something to look at.