When it comes to creating a personal budget, it can feellike there are a million financial categories to consider. In order to create a successful budget, everything should be accounted for, from large expenses like your mortgage and car payment to smaller expenses like your gym membership and Netflixsubscription.
Alist ofrecommendedpersonal budget categories isa great place to start when creating a budget. Hereare two ways you can get themost out of the list:
- Go through the list and check off each category that applies to you, then add those categories/items to your personal budget spreadsheet.
- Create a comprehensive list of everything you spend each month, then go through the categories list to see if there is anything you might have forgotten and need to add to youpersonal budget spreadsheet.
RecommendedBudgeting Categories
Consider including these categories when you create your own budget:
Housing
- Mortgage or rent
- Property taxes
- Household repairs
- HOAfees
Transportation
- Car payment
- Car warranty
- Gas
- Tires
- Maintenance and oil changes
- Parking fees
- Repairs
- Registration and DMV Fees
Food
- Groceries
- Restaurants
- Pet food
Utilities
- Electricity
- Water
- Garbage
- Phones
- Cable
- Internet
Clothing
- Adults’ clothing
- Adults’ shoes
- Children’s clothing
- Children’sshoes
Medical/Healthcare
- Primarycare
- Dental care
- Specialty care(dermatologists, orthodontics, optometrists, etc.)
- Urgent care
- Medications
- Medical devices
- Health insurance
- Homeowner’s or renter’s insurance
- Home warranty or protection plan
- Auto insurance
- Life insurance
- Disability insurance
Household Items/Supplies
- Toiletries
- Laundry detergent
- Dishwasher detergent
- Cleaning supplies
- Tools
Personal
- Gym memberships
- Haircuts
- Salon services
- Cosmetics (like makeup or services like laser hair removal)
- Babysitter
- Subscriptions
Debt
- Personal loans
- Student loans
- Credit cards
Retirement
Education
- Children’s college
- Your college
- School supplies
- Books
Savings
- Emergency fund
- Big purchases like a new mattress or laptop
- Other savings
Gifts/Donations
- Birthday
- Anniversary
- Wedding
- Christmas
- Special occasion
- Charities
Entertainment
- Alcohol and/or bars
- Games
- Movies
- Concerts
- Vacations
- Subscriptions (Netflix, Amazon, Hulu, etc.)
Get Professional Personal Finance Advice
Give First Bank’s free MyMoney tool in online and mobile banking a try to get started on your budget or to calculate your net worth. If you need guidance from a professional when creating your budget, find a First Bank near you. You can also learn more about different types of banking services, personal budgeting, saving money, investing and more using First Bank’s online Financial Education Center.
