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Have you ever wondered what budget categories you should actually use in order to create a meaningful budget?
When I first realized I needed to take a look at our family’s finances, it was nothing short of an awakening. I had heard about budgeting before, and I had made some attempts in the past that worked for a little while. In reality, we were overspending in ways we didn’t even realize, and that started to show up in debt we were suddenly unable to manage. There was no emergency fund, college fund, vacation planning, or savings account. Everything was all day-to-day. Once we sat down to actually make a budget that was workable, we were overwhelmed with where to even start. If you are finding yourself in the same position, this post will give you a short lesson in budget categories and what categories you should actually have in your budget.
What Budget Categories Should You Actually Have?
When starting with a budget for your family, my best advice is to choose a system that will work with your lifestyle so you use it consistently. You might set up a paper budget planner like the ones I have in my shop or one you create on your own, a cash envelope system, or a mobile app.
Whichever you choose, one of the first steps you will want to take is setting up your monthly budget categories, or a list of your monthly expenses. I will share my list below, and I have created a convenient printable for you as well.
1.) Household
This may be the largest expense category in your budget and includes your mortgage or rent as well as any taxes. Don’t forget to include your homeowner’s or renter’s insurance. Your utilities such as natural gas, electricity, and water… Read More
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