There is no right or wrong way to budget, you just need to develop a plan and stick with your budget. Finding a budget that works is a learning process. Making categories helped make the budgeting process easier and quicker for me.
I created a category for each of the areas we spend money or save money by grouping like items. I found that tracking less categories makes it easier to budget. I have one category for all my household items. Which includes all of my food, cleaning supplies, personal care, baby needs, over the counter medicine and office supplies. Therefore, I am tracking one category instead of six separate items. Make a list of all the things you spend money on and save money for. Once you have your list try to group items together.
- Here is a list of my categories:
- Auto – gasoline & oil changes
- Church and Charity – donations to church, charities or fundraisers
- Entertainment – Eating out, drinks, kids activities and attractions
- Household – food, cleaning supplies, personal care, baby needs, over the counter medicine and office supplies
- Housing – house payment
- Gifts – gifts for birthdays, Christmas, showers, weddings, Father’s Day etc.
- Clothing – clothing, shoes and accessories
- Insurance – auto, life and health insurance
- Savings – any money going to savings. (taxes, vacation, medical, retirement)
- Utilities – electric, gas, water, trash, phone, Internet and cable.
Join me later and learn how to fix your budget to make it work for you!
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