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• Rent
• Utilities
• Phones
• Cable/internet
• Car insurance
• Car payments
• Gas
• Groceries/household items
• Charitable giving
• Software/streaming services
• Health insurance
• Life insurance
• Entertainment
• Miscellaneous spending
Every individual and family has different categories and it can be easy to forget certain
recurring payments, so be meticulous as you write out these categories.
Once you have what you think is a comprehensive list, write down how much you want to
spend in each category.
The biggest variable on this list tends to be groceries. There are various opinions out there
about how much you should spend on your food, but don’t trust those numbers.
Take a look at how much you’ve spent at grocery stores over the past few months and
determine if what you’ve spent equals what you should spend.
You can use this method with other areas where spending varies from month-to-month as
well.
As I mentioned earlier, the goal is to come up with a budget that allows you to live
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