Budgeting 101: Personal Budget Categories

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:

Go through the list and check off each category that applies to you, then add those categories/items to your personal budget spreadsheet.
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

Mortgage or rent
Property taxes
Household repairs
HOA fees

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

Health insurance
Homeowner’s or renter’s insurance
Home warranty or protection plan
Auto insurance
Life insurance
Disability 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

Personal loans
Student loans
Credit cards

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.

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Budgeting 101: Personal Budget Categories

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