Car payments (unless you’re putting them in the “debt obligations” category).Transportation expenses can include any money you spend to get where you need to go, such as: Tip: Want an easy way to budget? Check out Tiller which uses spreadsheets but pulls in all of your bank account info automatically. Deductions for monthly savings going into an HSA (Health Savings Account)Īgain, with healthcare expenses it can be helpful to save in advance if you’re expecting a big medical expense down the road such as a surgery, the birth of a child or braces for one of the kids.Ī health savings account is a great way to do that with extra tax advantages if you qualify for one.Costs for monthly or occasional prescription and over-the-counter meds.Payroll deductions for health care, dental and vision coverage.In the case of health care, waste it can be as simple as choosing a name brand drug over a generic drug. One benefit of having a budget and tracking your expenditures each month is that you will more easily be able to recognize where you’re wasting money. Health care expenses are important to track because believe it or not, it’s possible to waste money in the area of health care just as it is with any other category. However you choose to categorize them is up to you, of course just be sure you’re including them in your monthly expenses when working with a budget. House payments or home equity loan payments.Others find it more helpful to keep ongoing, monthly debt obligations in a separate category. Some people like to break debt payment obligations down into the individual categories they relate to, such as putting your car payment into the “transportation” category. I don’t add expenses such as health care expenses in this category we’ll talk about those in another category.

New toys that aren’t gifts for a birthday or other holiday.Extracurricular expenses such as hockey or dance.ChildcareĬhild related expenses can include anything related to the care of your child that’s not a part of your health care expenses, which I recommend tracking separately. In those cases, we add restaurant trips into our food category. We put restaurant trips in the entertainment category unless we go purely for the reason that we need to eat and aren’t near home. You may do things differently, but some people also add restaurant trips in this category. Food costs associated with work, such as lunches, coffees, etc.Money spent on school meals for your kids.Foodįood expenses can include any costs you spend on eating, such as: One good way to prepare for larger costs such as a new furnace would be to have a special savings account where you put money aside each month that is specifically designated for large home repairs in the future. Some of these types of costs may fluctuate each month so you’ll need to keep that in mind when you create a monthly budget. Property tax payments (unless they’re collected with your house payment).Repair costs such as a need for a new vacuum, furnace, flooring, etc.Maintenance costs such as landscaping, replacement light bulbs, etc.Utility bills such as electric, natural gas and water.Home expenses will include everything related to your home, including items such as: Let’s talk about each category and what types of expenses you might assign to each one. Typical monthly expenses can be broken down into several basic categories. What if I Don’t Have Discretionary Income?.

Checklist list of bills to pay