18 Budget Categories to Help You Master Your Money

Budget Categories to Help You Master Your Money

Budgeting isn’t really that difficult once you get started. While there will be a little work required upfront, once you’ve built your budget, it’s just a matter of tracking than anything else. Plus, with so many different budgeting methods available, you’ll be sure to find something that works for your spending habits and lifestyle.

Budget Categories to Help You Master Your Money

While budgeting isn’t that difficult, it can be tedious, and you can find yourself unpleasantly surprised if you haven’t accounted for all the different things that can take your money. Here are best budget categories to help you master your money.

1. Income

Your income will likely be the easier of the two broad categories to compile. However, if you have multiple income streams or your income varies every month, this could be a bit more complicated. It is important to break down each income source to know exactly how much money is coming in and from where.

2. Expenses

Expenses are typically where you’ll spend the majority of your time budgeting. It’s best to start allocating for regular monthly expenses, then allocating the rest of your funds to non-essential categories. If you know you have enough income to cover all your necessities, we recommend allocating the available money toward savings/retirement goals before non-essentials like entertainment.

3. Housing

Housing is typically the largest expense in most budgets, so it is the first of the expense budget categories. Housing expenses include your mortgage or rent but could also include HOA (homeowners association) dues, property taxes (if not included in your mortgage), and home warranties.

4. Debt/Liabilities

For many, debt is another large monthly hit to the expense side of their budget. As with income, it’s important to break your debts down into individual loans and their minimum monthly payments, so you know exactly where you stand with each. 

5. Healthcare

If you don’t have access to employer-sponsored healthcare, then you will need to budget for monthly healthcare costs. However, even with healthcare through an employer, you should still budget some monthly healthcare costs, including: – Visit co-pays – Medication – Medical equipment

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