Budget Classification to Help You Master Your Money

We set out to compile this huge list of 18 budget categories that you should take into account when building your budget.

Sinking Fund

A sinking fund is money set aside every month to be able to fund a future expense.

 This is something that everyone should be doing but isn’t an expense needed to make it through the month.

Retirement

Personal Care

Personal care is another category that could be tightened if necessary. While many things included in personal care are essential, others could be cut altogether if necessary.

An emergency fund is something that everyone should have and something everyone should allocate money to in their budget.

Emergency Fund

Education/ Childcare

This is a huge grey area because childcare costs could be essential for some and non-essential for others.

Healthcare

If you don’t have access to employer-sponsored healthcare, then you will need to budget for monthly healthcare costs.

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