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In some cases, you’ll know the exact amount from a billing statement, while in other cases you’ll just need to make a decision on what your limit will be. An example would be taking a three month average of your grocery costs to get an estimate for the coming month. The easiest way to estimate your expenses is to take an average of what you’ve spent over the prior months.
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Therefore, it’s important to review your expenses each time you create a new budget.Įstimating and listing your expenses also allows you to see what can be reduced in your budget to free up cash for other things. Though some expenses may be recurring, the total cost may not be the same every time. Estimate how much you will spend on each item For example, your “housing” category could include mortgage, HOA dues, lawn care, and property taxes.Įven if an expense doesn’t occur each budgeting period, you can still include it in your standard list of expenses. Simply list your expenses within the categories that they belong to. Grouping your expenses into these categories not only keeps your budget organized, but it allows you to see where the majority of your money is being spent. These recurring expenses can be sorted into twelve standard household budgeting categories. There are some expenses that don’t change from month to month.įor example, rent or mortgage, groceries, and electricity are recurring expenses that you’ll need to account for. List out all of your joint household expensesĪfter calculating your total income, list out your expected expenses in one column. List this number at the top of your budget and remember that your expenses should NOT exceed it. Add these numbers together to get a total of how much income will be coming into the household to cover expenses for that budget. Once you’ve created a list of all of your combined income sources, list out how much you expect to receive from each one. Don’t forget to include income sources like: Income can come from more than just your 9-to-5 salary. Again, this could be a week, two weeks, or even a month. To begin creating your budget, list out all of the expected income that will be received between you and your spouse during the time period that you’re budgeting for. In fact, your income should be the first item that is listed on your budget. Knowing how much money you have to cover your expenses and other items in your budget is of utmost importance. List all of your combined income sources and amounts
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BUDGET PLANNING IDEAS HOW TO
5 Steps to get started budgeting as a coupleįiguring out how to budget can seem confusing in itself since there are so many ways to approach it.