It is a personal preference. I like a narrow binding. I use my walking foot however to apply the binding and that has a 3/8" presser foot so that is my seam allowance and not 1/4" as many use. This means I need a slightly wider binding strip to allow for that. 2" is really tight using a 3/8" seam allowance so I generally go with 2 1/4 or 2 1/2. I never press my binding because I want a soft fold on the edge I'm going to hand sew to the back. It makes it much easier to make my stitches nearly invisible. One last note - when you are mitering your corners stop stitching the distance of your seam allowance from the corner. If you are using 1/4" seam allowance then stop 1/4" but in my case since I'm using a 3/8" seam allowance I stop 3/8" from the corner before I fold for my miter. Perfect mitered corners every time.