Regardless if you rent or own, you must determine how much is ok to spend and not negatively impact your budget. Home repair costs and maintenance expenses also fall into this category. If you pay property tax, HOA dues, or something else that is housing-related, it should go here. Housing: This is for your rent or mortgage payment.
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Our free quiz can help you cut the cord on cable and pocket your savings. Utilities are easy to overspend on, so look for ways to save money.įor example, reducing how much you spend on cable is one way to save money. Utilities: This includes your cell phone, cable, internet, electricity, and gas. Basically, if it’s something your family buys to consume, it should go in this budget category. Read our guide on the best Roth IRA providers if you need to start saving for retirement.įood: This should include what you buy at the grocery store. Saving: Ramsey recommends saving ten percent of your income in a retirement account or 401(k). This may include anything from your place of worship to an organization that you want to support. Giving: You can give ten percent of your monthly income to a cause that’s important to you. Here is what you should include for each budget category. Making a budget is simple when you follow the suggested categories, but you may not know what to include in each section. Read our guide on Dave Ramsey’s baby steps if you’re struggling with your finances and want to get on track. It’s ok to add or remove categories and adjust your budget percentages depending on your unique needs.
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You may want to include additional categories or remove several if they don’t fit your goals. Remember that each situation is different.