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Once you say the word budget it seems like the energy in the room disappears, but a budget is not a bad thing it gives you the ability to pay for everything you need and everything you want.

Having a budget helped me pay off over $50K in debt and fund my emergency fund, but it has also allowed me to do things I love like travel.

One of the points of frustration when creating a budget is trying to remember what you actually pay for each month and something or a few things always gets left off in the first draft of the budget.  Instead of making the process difficult I have created a list budget categories to help you create your budget with ease.

When creating a budget always start with an estimate of the amount of income you expect to receive.

Income

Salary (after-tax)

Side Hustle Income

Child Support (income)

Bonus

Part-time Job Income

Investment Income

Rental Income

Other Income

I believe in paying yourself first so if you build it into your budget you will not have to worry about not having anything left to save.

Savings

Emergency Fund Savings

Extra Debt Payment

Long-term Savings (goal based)

Short-term Savings

College Saving

Travel  Fund

Wedding Fund

Birthday Fund

Gift Fund

Health Savings Account Contributions

Flexible Spending Account Contributions

401K Contributions

IRA Contribution

It’s essential to keep a roof over your head so below are expenses that are related to maintaining housing.  Even though the last 3 can be considered lifestyle expenses, I still wanted to include them with housing.

Housing

Mortgage

Rent

HELOC

Homeowners Insurance

Rental Insurance

Personal Property Insurance

Home Repairs

Home Maintenance

HOA Dues

Lawncare

Alarm System

House Cleaning

Yes, you should include giving into your budget, it just makes life easier.  I’m never caught off guard when that tithe check clears.

Giving

Tithe

Offering

Charitable Gifts

Fundraisers

These are all the things that make living in your home comfortable.

Utilities

Water/Sewer

Electric

Natural Gas

House/Cell Phone

Cable

Internet

Trash

Household Items

Air/Water Filter

Paper Products

Printer Ink

Printer Paper

Cleaning Products

You have to eat, let’s set a goal for how much you expect to spend on groceries.  I include kid’s lunch for those who pay for their children to each lunch at school.

Food

Groceries

Kid’s Lunch

Baby Formula/Food

Restaurants

You have to get to work so here are all of the cost associated with it.

Transportation

Auto Gas

Auto Repairs

Auto Maintenance (Tires, Brakes, Oil Change, etc.)

Parking

Property Taxes

Registration

Inspection

Parking Tickets

Toll Fees

Driver’s License Renewal

Public Transit

Taxi/Uber/Lyft

Auto Insurance

Motorcycle Insurance

For all my pet lovers they’re cute but they cost money too.

Pets

Pet Food/Treats

Pet Insurance

Pet Supplies

Pet Medical Fees

Pet Toys

This is one of those categories that no one wants to pay for but we need it.

Medical & Insurance

Life Insurance

Health Insurance

Long-term Care Insurance

Medical Co-pays

Dental Insurance

Dental Co-Pay

Medical Insurance

Prescription Co-Pay

Optometrist Co-Pay

Disability Insurance

Medical Devices

Personal Property Insurance (jewelry, computers. etc)

Repaying debt is an important part of reaching your financial goals.  

Debt Repayment

Car Payment

Student Loan Payments

Credit Card Payments

401K Loan

Personal Loan Payments

Federal/State Taxes owed

If you’re like me these are the things you don’t mind paying for

Lifestyle

Entertainment

Netflix

Hulu

Amazon Prime

PlayStation Vue

Gym Membership

Audible

SiriusXM

Fun Money

Clothing

Shoes

Hair Care

Nails

Eyebrows

Cosmetics

Toiletries
Laundry

Dry Cleaning

Last but not least, the kids.  They have a lot of expenses attached to them, the best thing I have ever done was add most of the categories below to my budget.

Kids

Daycare/Afterschool

Private School Tuition

School Transportation Fees

Club Dues

Extracurricular/Sports Activity Fees

Field Trip Fees

College Tuition

School Textbooks

School Supplies

Kid Allowances

Standardize Testing Fees (SAT/ACT)

School Uniforms

Child Support (paid)

Hopefully, these categories will help you when creating your budget.  If you have a category you would like for me to add to the list, let me know in the comments below.