You will also want to think about any medical expenses that you have. We all need to pay for food! Food is one of the biggest budget categories for a lot of people and something that can be broken down a bit more. We need to pay for utilities in order to keep our home running, and there can be some added extras as well. Some examples of the types of housing costs that you want to include in your budget are:Īnother important section for your budget is utilities. When you own your home you will have to think about additional costs such as for repairs. The housing costs will vary depending on whether you are renting or own your home. When it comes to housing costs you may just think of your mortgage or rent payment, but there’s a lot more that goes into running a house, and you want to make sure that you are covered for everything. You’re going to need somewhere to live, and therefore housing costs are really important. These are the most important expenses as you need to pay these in order to survive. Within those 3 broad budget categories, there are lots of smaller budget lines that we can go into a bit more detail on. This category is where most of the overspending and problems come from, but this is where having a budget really helps!Īs well as the needs and wants, you’re going to want to have a budget category/section for your debt (if you have it) and savings. This is the differentiation between needs and wants. Your ‘wants’ are the things that you want to buy but don’t need in order to survive. This is where there are budget categories for households. The sort of things that go into this are expenses such as your housing, your water, electricity and gas, and so on. There are some things that you need to pay for in order to survive, and this is where these go. So firstly, the most important one – your needs. There are various household budget percentages you can use as well to help. There are 3 simple budget categories that are helpful to use as a good place to start when it comes to looking at your expenses. There are many budget categories and subcategories that we can go through. We put this together to be as helpful as possible when starting your budget. Of course, you could check out our budget spreadsheet with categories, which will do a lot of the hard work for you.
You will then want to group them together in categories so you can see an overall picture of what you are spending on.Ī lot of people get stuck on which budgeting categories to choose, so we will have a look through a comprehensive list of budget categories for you to help you out with your budget. When you are starting your budget you will be listing out all of your various expenses. You may be wondering what are budget categories? And why is it going to help so much? Should I Include My Business Budget Categories In My Personal Budget?.How Can I Set Up A Personal Budget On An Inconsistent Income?.Which Budget Categories Cover Variable Expenses?.How Many Budget Categories Should You Have?.What Are The 3 Basic Budget Categories?.
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