3/10/2023 0 Comments Budget planning example![]() But that cost can vary dramatically based on your phone and provider preferences. ![]() Personally, I spend around $40 for cell phone service. Not only can it keep you entertained, but also give you the ability to work from home. InternetĪlthough you don’t have to pay for interest access in your home, it has become an essential part of our lives. Talk to your HR representative if you have questions about the available plans. Whether or not you have a full-time job, you can explore your options in the healthcare marketplace. If you have a full-time job, then your employer probably offers some health insurance coverage options. Luckily, you can save a lot on car insurance by shopping around and looking for discounts. Check out these other ways to save money on your car expenses. If you have a car, then one of the many expenses you’ll need to consider is car insurance. In this case, a sinking fund can come in handy. But when something comes up, you’ll want to be prepared to handle the expense. Of course, you probably won’t run into a major home repair issue every single month. ![]() With that, it is important for homeowners to include space in their budget to cover home repairs. ![]() Instead, it’s up to you to foot the repair bill. As a homeowner, you cannot simply call your landlord to take care of a leaky faucet. Unfortunately, properties can need repairs when you least expect it. You don’t want to be stuck with high utility costs that put too much of a financial strain on your budget. Home expensesīeyond simply paying for a rental or mortgage payment, extra home expenses like utilities and trash collection services will need a spot in your budget. If possible, try to estimate the extra expenses of a home or apartment before moving in. Depending on where you live, you may need to spend more or less than $1,000 to live in a safe space. One quick way to lower your expenses is to downsize your living space. Unless you’ve paid off your mortgage or mastered the art of house hacking, you will need to include your housing costs in your monthly budget. ExpenseĮxample of a budget Rent or mortgage payment However, the whole idea of an example budget is to help you set your own baseline.Īs you layout, your budget, be sure to factor in your variable expenses (that change monthly) and your fixed expenses (which don't change). Keep in mind that these costs can vary based on where you live, your net income, and your financial obligations. With that, I’ve created a sample budget below based on a $46,000 annual post-tax salary to help you visualize a starting point for your budget.īelow are some example categories of expenses and estimated costs as well as an overview of each expense that could be added to a spreadsheet. One of the best ways to learn about budgeting is to take a look at an example budget. With a solid budget in place, you may find that you have more peace of mind as you navigate your finances. Plus, a budget can ensure that you have enough money to stretch until the next payday. Essentially, it can help you with the habit of prioritizing your wants vs needs. Beyond helping you accomplish long-term financial goals, you can use budgeting as a means to keep spending money on the things that matter to you most. If you are wondering why you should create a budget, the main reason is that it can help you stay on track towards financial goals. This can be incredibly helpful to avoid forgotten expenses that can throw off your budget. With that, I’m sharing a sample budget to make sure you can include everything the first time around. When I first started budgeting, I learned a lot from other example budgets of what should be included. With a better picture of what others are including in their budget, you can make sure you aren’t leaving anything out. When you are working to get your finances on track, it can be helpful to see an example of a budget.
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