What are your expenses? This is the first question you should ask yourself when working on household budgeting.
For the past two weeks we have begun looking at the first steps in establishing your path to financial success. This week, I include a list of common household budgeting items. Look over my list and compare it with your own. Add to your list any items you have forgotten.
Be as specific as possible when listing your expenses. For example, instead of listing, “Insurance,” list each individual type of insurance. If your children do many activities, list each individually. Next week we will work with each of these subcategories and having specifics will make it easier for you.
When asking what your expenses are, you also want to list what you pay into each category each month. For example, if your rent is $1900/month, write $1900 next to your rent column. If you only pay an item a few times a year, figure out what your monthly payment. For example, if car insurance is $90/month but you only pay 10 months out of the year, you actually pay $90 times 10 months or $900 per year. Divide $900 by 12 months and you discover you pay $75 each month. If you pay $1000 annually in taxes, you divide $1000 by 12 months to discover you pay $83.3333… per month. Round that number up to $83.34/month. If you owe a lot of money to different credit cards, list each separately with their minimum monthly payments. To simplify taxes, you can use the Taxcaster free refund estimator too.
I have included theHousehold Budgeting List in the “Read More” section since it is rather lengthy. Some items may be way out of reach for you right now. That is okay. I tried to include as many items as possible. Please feel free to leave a comment if you have more items that should be added to the list!
Remember, right now, you want to be as specific as possible with your list and your amounts paid per month.
What Are Your Expenses:
February 2012
- Mortgage/Rent $________________
- Food $________________
- Household Cleaners $________________
- Snow Removal $________________
- Lawn Care $________________
- Gas $________________
- Public Transportation $________________
- Car Insurance $________________
- Life Insurance $________________
- Health Insurance $________________
- Home Owner’s Insurance $________________
- Day Care $________________
- Taxes
- Property $________________
- Land $________________
- School $________________
- Self Employment $________________
- Make Up for Too Few Deductions? $________________
- Memberships
- Professional $________________
- Health Club $________________
- Other $________________
- Telephone $________________
- Cell Phone $________________
- Cable $________________
- Electric $________________
- Internet $________________
- Heating (Oil, Gas, Propane, Wood Delivery etc) $________________
- Donation $________________
- Savings $________________
- Retirement $________________
- Investment $________________
- Gift $________________
- Uncovered Medical Expenses $________________
- Dental $________________
- Orthodontic $________________
- Hospital Bills $________________
- Optical $________________
- Counseling $________________
- Pet Care
- Daily Expenses (Food/Kitty Litter/Bedding etc) $________________
- Vet Bills $________________
- Kennel Bills $________________
- Car Maintenance $________________
- Car Repairs $________________
- New Car Payment $________________
- School Supplies $________________
- Tuition
- Mom’s Education $________________
- Kids’ College $________________
- Preschool $________________
- Private Elementary/Middle/High School $________________
- Non Credit Courses $________________
- Kids Activities (Include Equipment – Gloves, Shin Guards, Mouth Guards, Reeds, Brushes etc.)
- Swim Lessons $________________
- Spring Sports/Teams $________________
- Summer Sports/Teams $________________
- Fall Sports/Teams $________________
- Winter Sports/Teams $________________
- Scouting $________________
- Art $________________
- Music $________________
- Day Camps $________________
- Sleep Away Camps $________________
- Religious Activities $________________
- School Trips, Nights Out, Etc $________________
- Uniforms $________________
- Equipment (Gloves, Shin Guards, Mouth Guards, Reeds, Brushes etc.)
- Exterminator $________________
- Dry Cleaning $________________
- Clothing $________________
- Hair $________________
- Nails $________________
- Cosmetics $________________
- House Repairs $________________
- Furniture $________________
- Tools $________________
- Allowance $________________
- Vacation $________________
- Eating Out $________________
- Entertainment (Movies, DVDs, CDs, Concerts etc -may also be listed separately) $________________
- Books $________________
- Candles/Other Household Knick Knacks $________________
- Debt (List Individually with Minimum Payment)
- Loans $________________
- _______________________ $________________
- _______________________ $________________
- Credit Card
- _______________________ $________________
- _______________________ $________________
- _______________________ $________________
- _______________________ $________________
- _______________________ $________________
- Garbage $________________
- Spending or “Blow Money” (Dave Ramsey again!) $________________
Now that you are conscious of what your expenses are, you can begin to really think about where and how much money you spend. Next week we will look to add expenses we may have missed, revise payment amounts as needed, and prioritize payments.
Do not depend on money. Be content with having enough for today for God has said: I will never forsake you or abandon you, (Hebrews13:5)
God Bless… _______________________________________________________________________________________________________________________________
Monday SingleMomSmiling posts focus on achieving financial success. This series began on January 2, 2012 and will walk the reader through easy steps to controlling your finances rather than allowing your finances to control you.
Last Week: Where Does Your Money Go? Creating a Personal Money Plan
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