I like to give this bugger its own separate category so that I can delete it when it is gone! But no matter how you spin it, debt payments have to be accounted for in your budget! Flood Insurance (usually an add on to home owners)ĭebt.Home Owners Insurance (could also be in housing).Life Insurance (If you have a family, include life insurance in your budget!).Medical Insurance (don’t double count it if you put this in medical).Car Insurance (also listed in the transportation section.Having insurance will help save you from extra stress in the future, should something happen. They always need wellness visits, vaccinations, sports physicals, trips to the ER…. Going to the doctor is pretty much unavoidable-especially if you have kids. To learn more about these college saving options, check out this article by Dave Ramsey. UTMA or UTGA Account (Uniform Transfer/Gift to Minors Act).ESA (Education Savings Accounts) or Education IRA.After all, the more you can do to help your kids from taking our student loans, the better off they will be. Once your family starts growing, you may realize the need to start saving for college. We are throwing everything we can into retirement.Ĭollege Saving. Now it is almost like we are making up for lost time. When we were paying off debt, we paid very little into retirement (much to my husband’s dismay). Planning for your future now will give you peace of mind.
Another big part of your family budget will be food. When planning for housing, don’t forget:įood. The expenses associated with housing will take a big chunk of your income/be a large part of your budget. When figuring out your monthly income, remember ALL income sources. The amount of money that actually comes into your bank account is always the to first item in a family budget. Again, the point is not to overwhelm you, but to help you come up with your own list as you make your own budget. Get ready for a big list of household budget categories. Now we just need to fill in the details of the expenses under each part. See? Same parts of a budget as any other. The biggest difference is that you will have more expenses within each part, to account for the extra family members you have. Parts of a Family BudgetĪs in a budget for a single person, or a couple, the main parts of a family budget are generally the same. But I have created this list with the hope that it will help you as you work to create your own family budget. Not all of the categories and expenses will apply to you. With now several years behind me in creating and working our family budget, I have been able to come up with a good working list of some typical family budget categories. So creating a family budget, with all the necessary categories, is the only way I have ever budgeted. Kids cost money, and your budget needs to reflect that fact.īy the time we started actually budgeting, we already had 2 children. This is to be expected because there are more people and more needs to meet when you are caring for and raising a family. If you are working to create a budget for your family, you may soon realize that a family budget has more categories and expenses than a simple personal budget does.
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