How do I track my budget categories list? Your values and your goals should guide these decisions for you. Remember that this is just a guideline and there is no right or wrong way to spend your money. Insurance (including health, medical, auto, and life): 10%.Here is one example of budget percentages: With that said, a good general rule of thumb is to limit your mortgage or rent to 25% of your net income and keep all other categories between 5-15%. We each have different categories that we think are worth the extra spending, so be sure to focus on what’s important to you. However, the same people who balk at a $50 dinner might love to travel and spend $500 each month on a trip. It’s also important to remember that your financial priorities will be different than someone else’s.įor example, some people might frown upon the thought of spending money at a restaurant while you have no problem dropping $50 for a nice dinner. What percentages should I give to my budgeting categories?Īgain, how much you spend on each category will come down to your own financial goals and preferences. I’ll also answer a few of the most common questions about budgeting, budget categories, and budget methods, as well as give you some alternatives to track your spending. Compare this list with your current household expenses to determine which categories would naturally apply to your own budget. In this post, I will give you a detailed list of budget categories you can use for your finances, along with various methods to choose from. As long as all of your expenses are accounted for and it makes sense to you, then your budget categories list should suffice. The good news is, you can make your budget categories list as simple or detailed as you like. It’s how you get your expenses organized so you can manage your money more effectively. Having a list of budget categories will give you an overall view of where your money is going and is the beginning of taking control of your finances.

So, let’s just start with step 1: setting up your personal budget categories. If your personal finances are in a state of disarray and creating stress for you, then you might be avoiding the whole issue altogether because it’s overwhelming. Every dollar should be tracked and accounted for if you want to maximize your income. How this list of budget categories can help youĬreating a budget is a personal process, and categorizing all of your expenses can feel complicated. A Detailed List of Budget Categories For An Effective Spending Plan.How do I track my budget categories list?.What percentages should I give to my budgeting categories?.Methods for creating a simple budget categories list.Miscellaneous expenses budget categories.Entertainment, Travel & Recreation budgeting categories.Medical and health care budgeting categories.Creating a detailed list of budget categories.How this list of budget categories can help you.

Typical household budget categories