Stay on top of your calendar and add extra for special occasions like traveling to Grandma’s or an out-of-town soccer tournament. Keep in mind these numbers might be different depending on your schedule or the time of year. This category includes gas, public transit fees, routine maintenance-anything you typically pay in a month for transportation. Whew, right? It adds up quick! To keep your housing costs from hogging most of your budget, keep these expenses to 25% or less of your take-home pay. Don’t forget insurance, property taxes and HOA fees. Just including your rent or mortgage payment isn’t enough when budgeting for your housing costs. To be safe, budget on the higher side-and if you don’t end up needing it, throw the extra at your debt (if you have any!) or your savings. Frigid winter temps? Put on some fuzzy socks. (Nobody likes to sweat while they sleep!). Blazing hot summer? Add a little extra to this category. Include all the services that keep your house running: electricity, water, natural gas or propane, and trash services. Remember, these utility bills might change from month to month. Use coupons, eat what you have at home, go out to eat a few less times than normal-it all adds up in a month. It’s the number one category where people overspend (so easy to do, right?). This category will include what you spend on groceries and eating out at restaurants.Īnd if you’re looking to find extra money in your budget, food is the place to start. When budgeting for your monthly expenses, start with what we call the Four Walls-aka the basic necessities you need to survive: food, utilities, shelter and transportation.įood comes first-because, well, everybody’s got to eat. Here’s a list to get you started! Basic Monthly Expenses 1. Of course, monthly expenses vary from person to person and situation to situation, but there are some common monthly expenses to think about when you start a basic budget. That's why you need a plan, aka a budget.Īnd that starts with taking a look at your basic monthly expenses. The truth is, you’re way more confident- and you enjoy life more-when you’re prepared for it. Would you give a big presentation at work without preparing at all? What about your wedding day? You wouldn’t just show up without a plan and hope it all worked out, right? Not in a million years.
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