Perhaps you can use Chime’s Pay Anyone to send fee-free mobile payments if you’re splitting bills. If you have roommates, you can split the cost of utilities to save money. If you own a home, you may also rent out a few rooms to offset your mortgage costs. If you are looking to pay off debt quickly or save to meet an important goal, here are some budget category percentages you can try.įor this amount, you’d likely have a roommate or rent a smaller apartment to keep housing costs low. While the basic recommended budget category percentages may work well, you may want to take it up a notch if you have some aggressive savings goals and are willing to live frugally. Īggressive Recommended Budget Category Percentages Once you have your ideal budget in place, you can start allocating money to different expenses when you get paid. As you can see from the example above, you still can’t afford to splurge on housing costs, but you’ll have plenty of money for groceries, dining out, giving, savings, and debt payments. Keep in mind that these are pretty standard budget percentages if you want to have enough money to afford your needs and wants. ☂️Insurance (includes medical, auto, renter’s etc.) = $450 ?Housing (mortgage and rent costs) = $750 Or you might be able to save more if you get a pay rise or you pay off some debt.Here’s how this budget would break down if you bring home $3,000 each month: Your budget needs to work for you and your lifestyle so it's important to adjust your budget as things change.įor example, if your expenses start to increase you may need to reduce your spending, or change your savings goal. Even a small amount set aside regularly will make a difference. Having some savings can create a safety net for unexpected expenses.
![personal budget categories personal budget categories](https://i.pinimg.com/originals/87/bc/47/87bc474d4fc6b1583d808f7bc00926b6.jpg)
Once you know how much money you have for 'wants', you can work out how much of it you'd like to save. If you have a savings goal you can use your budget to work towards it. This will help you to see where it goes and keep within your spending limit. Make a plan for what you want to do with your spending money. Your spending money is for 'wants', such as entertainment, eating out and hobbies.
![personal budget categories personal budget categories](https://lushdollar.com/wp-content/uploads/2019/01/free-budgeting-spreadsheet-mms.png)
The money you have left after expenses is your spending and saving money.
![personal budget categories personal budget categories](https://www.thepracticalsaver.com/wp-content/uploads/2018/02/Monthly-Budget-Summary.jpg)
If you tracked your spending, use your list of transactions. Include what the expense is for, how much and when you pay it. To make sure you've recorded all your expenses, look at your bills or bank statements.
Personal budget categories registration#
transport costs, like car registration or public transport.household expenses, like food and groceries.Regular expenses are your 'needs' - the essential items you need to pay for to live.
![personal budget categories personal budget categories](https://livinglowkey.com/wp-content/uploads/2019/09/simple-budget-categories-512x1024.jpg)
This money could be from your wages, pension, government benefit or payment, or income from investments.