EXAMPLE SAMPLE PERSONAL BUDGET FULL

You might also want to include something for pet grooming expenses and other care costs, like treats, toys, and boarding expenses. It costs $20 to $60 per month to feed a dog, but you may need to spend more if your pet requires a special diet or has allergies. Adding room in your monthly expense tracker for school and childcare expenses is key to a successful and realistic budget. But even if you send your children to public school, you’ll need money for various fees, school supplies, and occasional school trips. Once your children are of school age, you may need to account for private-school tuition. Check your local childcare options to decide how you might need to adjust your plan. That’s a huge range, and these are just averages. Monthly childcare costs range from $453 per month in Mississippi to $1,683 in Massachusetts. The average cell phone bill runs from $40 to $140 for a family plan, but you could spend as little as $2 a month for 75 months with US Mobile if you only need basic service with no data. You might be able to lower the average monthly cost of your utilities by foregoing cable and opting for streaming services with basic internet instead. Hawaiians pay the most for their utilities, at $612 per month. Utah residents pay the least for their utility costs-heat, gas, water, electric, cable, and internet-at $345 per month, according to.

Be sure to calculate your household’s weekly grocery trip costs and restaurant expenses to create an achievable monthly food and grocery budget for you and your family. Given 2022 inflation rates of about 8%, you can expect that number today to be closer to $750. households spent an average of $692 on monthly groceries and eating out in 2021. Food and GroceriesĮveryone has to eat - and U.S. If you’re planning something big like a week-long vacation, cross-country drive, or overseas trip, consider creating a separate budget for that expense and saving up for it in advance. Travel expenses include things like weekend getaways, visiting family, traveling for work, or anything that goes beyond your usual expenses with things like plane tickets, hotel stays, and rental car costs. If you build that option into your monthly expense spreadsheet, saving enough each month to pay for your insurance up front, you’ll come out ahead in the long run.

EXAMPLE SAMPLE PERSONAL BUDGET FULL

On the other hand, an older car might need a higher budget to cover the costs of maintenance.Īlso, most car insurance plans let you save money if you pay for a full six months in advance. If you don’t have a car payment, you might include less for transportation in your monthly expense budget.

This should include all your regular expenses of commuting and just getting around town. With a 37% percent increase in fuel costs, transportation is the second-largest budget item for most people, with average monthly expenses of about $915, including car payments, gasoline, and insurance expenses. (The numbers that follow in this article are based on Department of Labor data unless another source is cited.) 2.

Move to California, and that one-bedroom apartment will set you back $2,723. In 2022, the average monthly rent for a one-bedroom apartment in Kansas is reported at $1,169. Rent varies in a similar way based on where you live geographically. A 15-year loan for the same amount at a 5.8% interest rate (the current national average for 2022) would cost $3,441 per month. Assuming a national average loan size of just over $413,000, a 30-year loan at a 6.59% interest rate (the current national average for 2022) would cost $2,635 per month. When it comes to a home loan, interest rates and the length of the mortgage also have a powerful effect on your monthly mortgage payments. Cost-of-living calculators can help you adjust your budget estimates based on your location. For example, the median home value in 2022 is $480,275 in New Jersey, but $213,360 in Ohio. Housing and rental costs will vary significantly depending on where you live. 20 Common Monthly Expenses to Include in Your Budget 1. To help you get started, we’ve assembled a list of 20 common things to include in a monthly budget, along with an average amount for each one that you can use as an initial benchmark. Underestimating or missing an expense can throw your whole spending strategy off balance, so it’s a good idea to explore some budgeting norms. Whether you’re creating a new monthly budget or refreshing an old one, you’ve probably noticed how important (and difficult) it is to get your monthly expenses right.

Example sample personal budget