How to Develop a Monthly Budget

Budgets vary by person due to lifestyle needs and preferences.  Certain bills- like rent and utilities- are pretty across the board but there are many monthly expenses tailored to you. Here you will find an easy-to-reference guide of all of the most common items to include in a monthly budget. Highly recommended for personal use or for the purpose of teaching others the basics of budgeting. Happy budgeting!

INCOME

1. Full-time job
2. Part-time job
3. Overtime
4. Self-employment
5. Alimony/Child support
6. Investments/Capital gains
7. Retirement accounts: Traditional/Roth IRA, 401(K), 403(B), pension
8. TANF: CalWORKS in CA (programs vary by state & county)
9. SNAP (Food Stamps)
10. SSA: Social Security benefits
11. SSI: Supplemental Security Income
12. Veteran’s benefits
13. Subsidy: Rental assistance, grant, scholarship, etc.

EXPENSES

1. Rent/Mortgage
2. Insurance: renter’s, homeowner’s, car
3. Repairs: home, car
4. Utilities: electricity, gas, water, sewer
5. Groceries
6. Household goods
7. Toiletries/Personal care items
8. Cable/Internet/Home or cell phone
9. Streaming service: Netflix, Amazon Prime, Hulu, etc.
10. Laundry
11. Clothing
12. Transit pass
13. Car payment
14. Gas
15. Loan repayment: Student, payday, credit card, bank
16. Medical insurance
17. Life insurance
18. Medical cost copayments
19. Medication
20. Day care/Tuition/School supplies
21. Entertainment/Eating out

SAVINGS

1. Emergency fund
2. Goals: Vacation, education, home buying
3. Retirement