Discover Over 90 Unique Ways to Categorize Your Personal or Family Budget for Ultimate Financial control.

BUDGETING TIPS:
90+ Categories for Your Personal or Family Budget
By Marc Andre
Last Updated: November 17, 2021

Organizing your finances starts with creating a budget, and while the task may seem daunting, it’s not as hard as it seems. The most common challenge people face is how to sort out their expenses to keep everything tidy. In this post, you’ll find over 90 budget categories and subcategories that can help you craft your personalized budget.

Keep in mind these categories are only suggestions. Only include the ones that relate to you and your family’s financial situation. Feel free to tweak and reorder these labels. For instance, if it makes more sense for you, you can move homeowner’s insurance under “housing” instead of “insurance”. Be sure to add any categories that are not listed here but are important to your budget.

Take a look at the following list of budget categories. There’s no particular order to these so arrange them in a way that suits you. Remember, this list simply serves to guide you while creating your own budget.

For housing, which is a big part of expenses for many households, you will have expenses beyond your monthly mortgage or rent payment. Here are some subcategories you may need to include: Mortgage, Property tax, Homeowner’s Association (HOA) fees, Rent, Home maintenance and repairs, Home improvements, Landscaping, and Home security.

Utilities are an often unpredictable budget category due to the fluctuation of costs from month to month. Examples of utilities include: Electricity, Natural gas, Water, Phone, Cable, and Trash expenses.

Depending on the size of your family or your restaurant habits, food can make up a big portion of your budget. This category might include: Groceries, Meals at restaurants, Coffee shops.

Transportation, like many categories, is going to vary greatly from one person or family to another. This category might include: Car payments, Gas, Repairs, Routine maintenance, Fees, Public transportation, Parking, Tolls.

Different types of insurances you may need to consider include: Homeowner’s insurance, Renter’s insurance, Life insurance, Health insurance, Dental insurance, Vision insurance, Disability insurance, Long-term care insurance, Car insurance, Jewelry insurance, Umbrella insurance.

The Health Care/Medical category is for health-related expenses which aren’t covered by your health insurance. You might consider: Uncovered medical expenses, Prescription drugs, Over-the-counter medication, Vitamins and supplements, Glasses and contact lenses, Medical devices or supplies, Gym memberships.

Household items cover a vast range of subcategories, from Adult’s clothes and shoes, Kid’s clothes and shoes, Dry cleaning, Furniture, Home decor, Cleaning products, Paper supplies, Laundry detergent, Baby supplies, Haircuts and styling, Toiletries and cosmetics, Tools.

For education, you might need to budget for: Tuition and School supplies.

Family and Kids category may include: Travel/vacation, Childcare, Allowance, Equipment for sports and hobbies, Toys.

Gifts, it could fluctuate from month-to-month. Subcategories to consider are: Charitable giving, Christmas gifts, Birthday gifts, Wedding gifts, and Special occasions.

Entertainment costs might vary based on your personal preferences, it could include: Nights out, Streaming service subscriptions, Movies, Event tickets, Books, Magazine subscriptions, Website subscriptions and Hobbies.

Savings are a crucial part of the budget which help us reach financial goals. This could include: Emergency fund, Retirement, College, House downpayment, Car, Health Savings Account, Other investments.

List down any debt payments in your budget. This could include: Credit cards, Student loans, Personal loans, Alimony, Child support.

And that’s all! Keep these categories in mind when creating your budget. Remember, crafting a budget that works for you can help keep your financial goals in check.