Keep in mind you may have copays or deductibles that aren’t included in your premium. You only want to include the portion you pay in your budget since that’s all you are responsible for. If you have health insurance through your employer, then your employer is covering a portion of your premium. Health insurance costs will vary from person to person, but your premium will generally only change once a year so you can budget based on a consistent monthly expense. This one is straightforward to track because you receive a monthly bill. Your cell phone bill is another standard monthly expense. If it’s the occasional babysitter you hire so you can grab dinner out or visit friends, then you’ll want to estimate your monthly cost.įor pets, don’t forget about veterinary bills and food. If your child attends a regular daycare, then you would include the monthly tuition cost for him or her to attend. You may have to pay for someone else to look after them so you can run errands or go to work or school. If you have children or pets, you probably can’t take care of them yourself all the time. ![]() It may make sense to include these periodically at full cost in your budget instead of including a portion of the expense each month since that is how you will pay for them. If you use public transportation to commute to work or just get around town this would be included here as well.ĭon’t forget to include any smaller additional transportation-related expenses, such as parking fees or routine maintenance like oil changes or new tires. It also includes the insurance on your vehicle. This includes your monthly car payment whether you lease or have a loan on a vehicle. Transportation costs include anything you spend on travel. Cutting back on takeout and limiting how often you go out to eat at your favorite restaurants can help you spend less money and stick to your budget. If you need to trim your budget, food is likely a good place to start. One way to do that is to simply average your food expenses over the past yearįortunately, you can control your food expenses to a large degree. Again, you may need to estimate your food expenses from month to month. Whether it’s a home-cooked meal, pizza delivery or upscale dining. Your monthly food expense includes everything that you spend on eating. Since housing is such a large part of your budget, it’s important to manage it and not take on more house than you can afford. If you rent, you’re likely not responsible for maintenance, repairs or property tax so you wouldn’t need to include a separate amount for that. You’ll need to estimate your maintenance costs to put them in a budget since all of those are likely not fixed recurring amounts each month. You’ll also have to pay for home maintenance, such as plumbing fixes, landscaping, gutter cleanings and an occasional fresh coat of paint. Your property tax is likely escrowed as part of your house payment, so you shouldn’t include it as an extra amount if you’re already recording the full amount in your mortgage payment. If you own your home, for example, then you’ll have to pay your property taxes if you live in a state that has a property tax. ![]() It also includes any other extra costs that you must pay to maintain and use your home. This includes your monthly mortgage or rent payment depending on whether you own or rent your home. Your housing expenses are likely your single-largest budget item. ![]() This list highlights some of the most common monthly expenses to factor into your budget: 1. You also have to make sure that your expenses don’t exceed your monthly income so that you can pay all your bills – and save some money, too. To create a budget, though, you need to have an idea of what your monthly expenses are. Creating a monthly budget is one of the most basic steps you can take to manage your money and make sure that you stay on track to meet your financial goals.
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