Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Budgeting 101: Personal Budget Categories

Personal Finances 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

When it comes to creating a personal budget, it can feel like there are a million financial categories to consider. In order to create a successful budget, everything should be accounted for, from large expenses like your mortgage and car payment to smaller expenses like your gym membership and Netflix subscription.

A list of recommended personal budget categories is a great place to start when creating a budget. Here are two ways you can get the most out of the list:

  1. Go through the list and check off each category that applies to you, then add those categories/items to your personal budget spreadsheet.
  2. Create a comprehensive list of everything you spend each month, then go through the categories list to see if there is anything you might have forgotten and need to add to you personal budget spreadsheet.

Recommended Budgeting Categories

Consider including these categories when you create your own budget:

Housing

Transportation

  • Car payment
  • Car warranty
  • Gas
  • Tires
  • Maintenance and oil changes
  • Parking fees
  • Repairs
  • Registration and DMV Fees

Food

  • Groceries
  • Restaurants
  • Pet food

Utilities

  • Electricity
  • Water
  • Garbage
  • Phones
  • Cable
  • Internet

Clothing

  • Adults’ clothing
  • Adults’ shoes
  • Children’s clothing
  • Children’s shoes

Medical/Healthcare

  • Primary care
  • Dental care
  • Specialty care (dermatologists, orthodontics, optometrists, etc.)
  • Urgent care
  • Medications
  • Medical devices

Insurance

Household Items/Supplies

  • Toiletries
  • Laundry detergent
  • Dishwasher detergent
  • Cleaning supplies
  • Tools

Personal

  • Gym memberships
  • Haircuts
  • Salon services
  • Cosmetics (like makeup or services like laser hair removal)
  • Babysitter
  • Subscriptions

Debt

Retirement

  • Financial planning
  • Investing

Education

  • Children’s college
  • Your college
  • School supplies
  • Books

Savings

  • Emergency fund
  • Big purchases like a new mattress or laptop
  • Other savings

Gifts/Donations

  • Birthday
  • Anniversary
  • Wedding
  • Christmas
  • Special occasion
  • Charities

Entertainment 

  • Alcohol and/or bars
  • Games
  • Movies
  • Concerts
  • Vacations
  • Subscriptions (Netflix, Amazon, Hulu, etc.)

Get Professional Personal Finance Advice

Give First Bank’s free MyMoney tool in online and mobile banking a try to get started on your budget or to calculate your net worth. If you need guidance from a professional when creating your budget, find a First Bank near you. You can also learn more about different types of banking services, personal budgeting, saving money, investing and more using First Bank’s online Financial Education Center.

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Close up of a For Rent sign in front of a house. Rent to Own: What the Buyer Should Consider If you're interested in buying a home but are unable to qualify for a mortgage, you might consider a rent-to-own situation. 3 min read
High Interest Checking Accounts – North Carolina A high interest checking account in North Carolina can offer a safe, steady solution for those who want to grow their money without much risk. At First Bank, we have several branches conveniently located across the state to help make high-interest checking accounts more accessible. Our Everywhere Plus account allows you to build interest on a minimal balance requirement and comes complete with: Free online and mobile banking. Free automated online bill payments. Free monthly statements delivered by paper or electronically. Free email, phone call or text message alerts to notify you of any account activity. The ability to avoid monthly maintenance fees by keeping a minimum or average collected balance. Looking for a High Interest Account with Benefits in North Carolina? If you’re looking for a high-interest checking account that offers even a little bit more, our Everywhere Premium account might be for you. With Everywhere Premium you’ll earn interest with a minimum balance requirement and benefit from all the perks of Everywhere Plus in addition to: No First Bank transaction fees at non-First Bank ATMs. Free member checks or 50% off of alternate designs and four free official checks per month. The ability to avoid monthly maintenance fees by maintaining certain monthly requirements. If you run a North Carolina business and you’re looking to build interest on your business funds, First Bank also has an interest-bearing business checking account. The account comes with all the features of Everywhere Plus and includes such business-friendly benefits as 250 free transactions per month and up to $10,000 in cash or coin deposits per month at no charge. High Interest Checking Accounts for NC Businesses First Bank also offers high-interest checking accounts for businesses. With our Business Interest account, you can make 250 transactions per month, earn rewards benefits with a First Bank credit card and enjoy free 24-hour telephone banking. With our Business Advantage Plus account, you get all of the benefits of Business Interest, as well as 500 free transactions per month and cash or coin deposits of up to $25,000 every month at no charge. Open a First Bank Checking Account Today To open a high interest checking account at First Bank, all you have to do is visit your nearest North 3 min read
Banks That Offer Personal Loans – North Carolina Have you been looking for a bank that offers personal loans in North Carolina? Are you tired of sifting through endless search results only to be disappointed by your options? With plenty of North Carolina banks offering personal loans, it can be hard to pick which one is right for you. It is important that your personal loan provider is able to answer all of your questions and meet all of your needs. And, at First Bank, we understand that no two customers are alike and we work hard to make sure you are getting what you need. That is why we offer customized loans with competitive rates and flexible terms. Stop Searching, Start Comparing Now that you’ve found First Bank and you know how dedicated we are to meeting your needs, you can stop searching and start comparing. We offer  great options for customers looking for personal loans. Each option provides you with the flexibility you need to borrow money when you need it. Personal Line of Credit Borrow money instantly Request cash by writing a check Qualified collateral may be required to secure your loan First Bank Platinum Credit Card with Rewards — A First Bank credit card allows you make everyday and monthly purchases in a convenient and secure way. Use your card to earn rewards points you can redeem for things like gifts, travel and entertainment. With your First Bank credit card, you will also receive other benefits, including: Security benefits Convenience benefits Shopping benefits Credit card interest rates can vary, but there is typically no annual fee. First Bank Home Equity Lines of Credit (HELOCs) — This type of loan is offered as a revolving sum of money you can access as need and can be a great way to finance larger projects. First Bank HELOCs: Have low interest rates Can be secured by the equity in your primary or secondary home Can be accessed with specially designed checks that are free of charge May allow interest expensed to be up to 100% tax deductible* Auto Loans — With the help of First Bank, you can purchase the new or used car—or truck—that you’ve been wanting. Benefits of auto loans from First Bank include: Competitive rates Loan amounts up to $100,000 Fast application 3 min read
Highest Yield Savings Account A high yield savings account is a great way to grow your money over the long term. First Bank has several options for those searching for the highest yield savings account available to them. Read on to learn more about the best ways to save your money for the future. Save Your Hard-Earned Cash With A First Bank High Yield Savings Account First Bank offers high yield savings accounts that will help you save your hard earned cash, so you can spend it however you want to in the future. Our Money Market Account gives you access to your savings, while you earn interest at a higher rate than most other savings account options. Money Market Account benefits include: 6 free withdrawals per month* Interest-earning account access $1,000 minimum required to open account Free online and mobile banking* Easy money transfers Free eStatements or paper statements A certificate of deposit is also a good option for anyone looking for the highest yield savings account possible. If you do not need immediate access to your funds, a CD usually offers higher interest rates than savings and money market accounts. First Bank’s CDs are safe, FDIC-insured investments, and typically offer fixed interest rates. Learn More About High Yield Savings Accounts Today To learn more about the highest yield savings accounts in North Carolina and South Carolina, visit our website or stop by your local First Bank branch. ——— Sources: Investopedia: http://www.investopedia.com/articles/pf/09/high-yield-savings-account.asp *Withdrawal fee of $15 each after the first six free during the month. Federal regulations limit withdrawals of preauthorized transfers to six (6) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you. *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 2 min read
First Bank logo
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.