Melody Wright emphasizes the personal nature of budgets. Choosing the right categories can help you do precisely that. The key is to make sure your budget works for you and your situation. If you think you’re done budgeting because you’ve figured out the top three personal budget categories, you’ve got another thing coming. More Common Personal Budget Categories You Might Need Keep a close eye on this personal category and adjust as needed. It’s also worth noting, as your vehicle ages, expenses can get more costly.
You need a budget categories registration#
Depending on where you live, you could also pay taxes or registration fees each year. In addition to accounting for costs like parking passes and fuel, you need to set aside money each month for general car maintenance and insurance. You may choose to lump groceries with dining out or separate the two to keep a closer eye on what gets eaten where. This budget category is where people spend the most without realizing it.” Food & Diningĭo you know how much of your income you eat each month? Melody Wright, Ph.D., CFEI, and Financial Empowerment Coach, says, “The common budget category people should focus on is their grocery/food budget. No matter where you live, your housing category might also include savings for new furniture or home decor as well. You also want to think about renter’s insurance.Īs a homeowner, you should budget enough to cover your mortgage, your property taxes, your homeowner’s insurance, and routine home maintenance.
If you’re a renter, this category should cover your monthly rent.
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