#MONTHLY BUDGET IDEAS HOW TO#
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Seeing your money split into these main budget categories gives you an insight into how much you are spending in each area of your life.

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Donations - charity donations, fundraising, crowdfundingįeel free to add your ideas to the list of budgeting categories! A personal budget should work for you.

Gifts - birthdays, anniversaries, holidays, special events.

Personal care - haircut, waxing, nails, beauty products, complementary therapies.

Insurance - car, home, pet, device, travel, boiler, breakdown cover.

Healthcare - prescriptions, glasses, eye tests, dental costs, gym membership.

Entertainment - subscriptions such as Netflix and Disney+, cinema, restaurants, concerts, social events.

Savings - regular payment to a savings account.

Pets - food, vet bills, treats, toys, flea/tick treatment.

Food/Supplies - groceries, cleaning supplies, household items, takeaways.

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Utilities - Water, gas, electricity, mobile phone, internet, TV licence, council tax.

Transportation - petrol, train tickets, bus fare, car maintenance, car loan payment, parking, Taxi/Uber.

Childcare - nursery, babysitting, daycare, school trips/meals/uniform.

Housing - rent, mortgage, board, student accommodation.

Here are the most common personal budget categories: It’s an excellent place to start, but to truly take control of your budget and understand precisely where your money is going, you can divide each payment into categories and create your personal budget. Senator Elizabeth Warren popularised the “50/20/30 budget rule”, which is allocating 50% to needs, 30% to wants and 20% to savings.

Non-essential spending will include everything else. Essential spending will consist of money that you need to spend each month, including your rent or mortgage, food, utilities, travel expenses and loan payments. In the simplest terms, you can organise your personal budget into ‘essential’ and ‘non-essential’. The most common personal budget categories

#MONTHLY BUDGET IDEAS HOW TO#

This article will cover the most common personal budget categories, how to get started with budget planning, and how to organise your money like a boss. Start organising your money as soon as possible, so it becomes a habit before you know it. Organising your money into categories works because you’ll have a clear picture moving forward. Depending on your circumstances, spending habits and financial goals, putting your spending into personal budget categories can help you understand your spending and help you get the most from your money.

If you want to be more in control of your cash, organising your money into budget categories is a great place to start. The first step to meaningful money management is organisation. With the cost of living increasing and everyone watching the pennies right now, getting on top of your finances is essential. Everyone has a personal budget, and you may feel like there are a thousand different ways to manage yours.

Monthly budget ideas