How will I know that this is the most suitable budget for me?

Following 50/20/30 rule in budgeting is advisable

50% of income the fixed cost

20% of income for savings goal

30% for flexible spending

Follow it, you will do better with your money.

To have to consider a lot of things to plan a suitable budget. try tosave at least 10% of your income when you're first trying to plan a budget. of course, you need to save e decent amount every month.

I have heard that one should try to save at least 20% of income.

Fixed expenses include - mortgage payments, car payments and utilities.

Flexible spending include: hobbies, gas, eating out, groceries

I agree with Patricia, 20-30-50 budgeting ratio is pretty sleek and that way you'll be able to kick in some good savings.