Chapter 5: Household Budget Checklist

a pink piggy bank filled with dollar bills

Chapter 5: Household Budget Checklist

In general, your home or personal budget is a list of your monthly expenses. As discussed in Chapter 1, listing your monthly household expenses and comparing these costs to your income allows you to see where your money is going and how much you have left to save. This chapter shares a thorough list of personal budget items to help you create a worksheet and keep track of your spending.

If you discover that you need to cut down on expenses, make sure to consider your insurance and how you may be overpaying. At David Pope Insurance, we can help you find homeauto and life insurance that fits into your budget.

What Are the Different Household Budget Categories?

Home budget categories typically include monthly income and expenses such as:

  • Housing and utilities
  • Food
  • Transportation
  • Health
  • Child care
  • Pets
  • Entertainment
  • Debt or obligations
  • Savings
  • Miscellaneous

Monthly Household Budget Checklist

Your household’s budget items depend on your unique situation and how you live. To help you get started, here’s a checklist of common budget expenses. Feel free to use this checklist to create your own budget worksheet for your monthly bills:

Housing

Include costs related to owning or renting your home, such as:

  • Mortgage or rent
  • Property taxes
  • Homeowners insurance
  • Homeowners association fee
  • Repairs
  • Maintenance
  • Home improvements
  • Housekeeping supplies
  • Furniture and decor
  • Appliances
  • Lawn and garden supplies and equipment

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Utilities and Services

List household utilities and services, like:

Food and Beverages

Jot down food and beverage expenses, including:

  • Groceries
  • Snacks
  • Dining out
  • Alcohol
  • Coffee

Personal Care

Consider daily living and personal expenses, such as:

  • Toiletries
  • Clothing
  • Jewelry
  • Shoes
  • Laundry
  • Haircuts

Transportation

List costs related to transportation, including:

  • Car payment
  • Gas
  • Auto insurance
  • Car repairs
  • Car maintenance
  • Registration and license fees
  • Public transportation
  • Ride-sharing
  • Parking
  • Tolls

Health and Fitness

  • Health insurance
  • Dental insurance
  • Life insurance
  • Eye care
  • Medical devices
  • Prescription and over-the-counter medicines
  • Out-of-pocket medical expenses
  • Gym membership

Children

List costs related to raising a child, like:

  • Day care or babysitting
  • Allowances
  • Tuition and fees
  • School supplies
  • Extracurricular activities
  • Toys
  • Child support

Pets

Include costs related to pet care, such as:

  • Pet food and supplies
  • Veterinary visits
  • Pet grooming
  • Pet insurance

Entertainment

Add entertainment costs, including:

  • Subscription services
  • Hobbies
  • Books
  • Movies
  • Games
  • Sports
  • Events
  • Travel

Savings

List your various savings accounts, such as:

  • Emergency fund
  • College savings
  • Retirement plan
  • Investments
  • Other savings

Obligations

Consider all of your financial obligations, including debt and payments such as:

  • Local, state and federal taxes
  • Alimony
  • Club memberships
  • Professional dues
  • Credit card payments
  • Credit card fees
  • Student loan payments
  • Personal loan payments
  • Bank fees
  • Other

Miscellaneous

List any items you regularly buy but do not fit under other categories, such as:

  • Tobacco
  • Gifts
  • Donations

What Is a Line Item in a Personal Budget?

A line item refers to each expense you list in your home budget. Next to each item, enter the amount of money you’ll put towards it from your income.

What Is the Average Monthly Expense for a Family of Four?

According to the Family Budget Calculator created by the Economic Policy Institute, a family of two adults and two children can expect to spend about $6,000 a month living in Franklin County, Missouri. You can use this calculator as a budget guideline for a family of four.

The U.S. Department of Agriculture (USDA) also provides budget recommendations for families regarding food expenses. For example, according to the USDA, a family of four on a tight budget can spend around $600 a month on food and still have a nutritious diet. A family of four with a more flexible budget might pay about $1,200 a month on groceries.

How Does a Monthly Budget Worksheet Help You?

A monthly worksheet shows you how to budget household income. If you see how much you’re spending, you can plan for the future better. You’ll discover if you have money left after paying your monthly bills to add to a savings account. You’ll also see if you’re spending more than you’re making and need to cut some expenses.

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