Budgeting

Master List of Personal Budget Categories

When we first started using budgets we failed. The main reason? We were missing important budget categories, and we often had additional expenses we hadn’t planned for.

Not only did this mess up our allocations, it was also incredibly discouraging.

Does this sound familiar? Well, then you have come to the right place friend.

I have put together the ultimate list of budget categories so you can avoid this common mistake.

I’ve created some main categories and then listed individual budget items within each category. You won’t use all of these categories all the time.

I recommend keeping this list handy as you sit down to work on your budget for the month.

Quick Tips:

It’s helpful to write out your expenses from the previous month to see how much money goes into each budget category.
Don’t forget to keep your calendar handy too, so you’re reminded of the birthday parties or other events that will require a budget category.
You may also consider saving a little each month for some of these budget categories, so when the payment is due you aren’t scrambling to find the money.
Use this Budget Printable to easily keep track of all your expenses.

Budget Categories

Income

It is important to break out all of your income individually rather than just including a lump sum. Include your take home income after taxes, health insurance, etc. If you have an irregular income, list the least amount you expect to earn. Anything extra can be used for savings or to pay off debt.

Paycheck
Predictable Bonus
Investment income:
- Rental property
- Earned interest

Expenses

Housing

Housing is typically the largest budget item in most budgets.This category includes everything related to owning or renting your home, not just your rent or your mortgage.

Mortgage/Rent
Household repairs
HOA Dues
Renters Insurance
Property Taxes
Household repairs
Large Appliances (washer, refrigerator etc)

Education/Childcare

This can also be another big category for many families. Beyond any tuition or daycare costs, don’t forget to include any required registration fees for the upcoming school year.

Private School Tuition
College Tuition
Before/After School Care
Summer Camp
Registration Fees
School Supplies
Tutoring
Daycare
School Lunch
Babysitter
Private lessons – dance class, sports
School Field Trips
Alimony

Utilities

These are typically what we consider essential budget items, so don’t leave them off your list. If you are behind on utility payments, this should be one of the first late bills (after housing) you should work towards getting current on.

Water
Electricity
Natural Gas
Trash
Cable
Internet
Cell phone bill

Transportation

Beyond just paying for gas for your car, there are additional transportation costs you may need to consider. A few of these include:

Toll payments
Public transportation fare (subway, bus or train)
Gas
Car maintenance- oil changes, tires etc/
Parking Fees
Registration/DMV Fees

Pets

We love them and treat them as another member of our families. But there are unique costs our pets incur that you will need to include in your budget.

Grooming
Pet Food
Pet accessories – kitty litter etc
Veterinary Visits

Food

We all need food and this tends to be a budget category that many people struggle with. To make sure you properly allocate enough funds in this category break out what food you realistically will need to purchase.

Groceries
Eating Out
Coffee/Quick bites

Debt

This can be a scary category to tackle. Include the monthly minimum payment for all debts, unless you are able to pay more than the minimum.

Student loan
Credit Card Payments
Car Payment
Miscellaneous Debt (furniture, electronics etc)

Gifts

This is the time to look at your calendar and see what, if any, gifts you’ll need to purchase this month. From birthday presents to end of the year gifts for teachers, you won’t have to stress about the costs if you plan ahead and include it in your budget.

Birthday Gifts
Anniversary Gifts
Holiday Gifts
Teacher Gifts

Personal Care

This category includes both personal care necessities as well as the extras.

Toiletries
Haircuts
Hair Color
Gym Membership
Clothing
Shoes

Household items

Any regularly used household item goes into this category.

Laundry Detergent
Dishwasher Detergent
Cleaning Supplies
Napkins/paper towels/toilet paper
Small appliances (toaster, microwave etc)
Emergency Kits/Hurricane Preparedness etc

Insurance

We all need some kind of insurance. If you find this to be an expensive category, reach out to your insurance company to see if you can re-negotiate your rates.

Homeowners Insurance/Renters Insurance
Car Insurance
Life Insurance
Health Insurance
Dental Insurance

Health Care

Medications
Medical Devices
First Aid Items
Doctor’s Visits
Senior Care

Entertainment

Anything you do for fun can be included in this category.

Subscriptions
Movie Theater Tickets
Outings
Electronics
Netflix

Savings

Make savings a priority by including this in your budget. It’s easy to say you’ll just save whatever is left over. This is a recipe to failure. Don’t leave this important budget category off!