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Have you ever sat down to really think about your monthly budget and what it should look like? Many people don’t make budgets, and some of the ones that do often forget to add certain expenses to their monthly budget. Here we’ll look at 10 different expenses to include in a monthly budget.

Many people go through their lives without spending one minute thinking about a budget, until they are stuck deep in debt and don’t know how they got there.

Creating a budget that you will stick to is such an important part of financial freedom, it’s surprising how many people try to drift over it thinking that they don’t need a budget.

If you’re spending more than you’re making every month if even only by a few dollars, you are going to sink into deep debt. But, how do you know if you’re spending more than you’re making? By creating and utilizing a family budget.

If you don’t know where to start with creating your family’s budget I urge you to go here: How to Create a Budget When You Suck With Money, before finishing this post. Then come back here to see a couple essential expenses you don’t want to forget to include in your monthly budget.

10 EXPENSES TO INCLUDE IN A MONTHLY BUDGET

1. HOUSING

This one is obvious and likely one of the most costly expenses on your budget. Your mortgage/rent is so obvious that sometimes it can be forgotten to be listed as an expense on budgets, so be sure you’re accounting for this large expense on your family budget.

2. UTILITIES

It’s easy to remember the utilities such as water, sewer, heating, and electricity when making your budget, but don’t forget about the other utilities such as landline, cell phone, internet, and cable.

3. INSURANCE

Car, house, life, and medical insurance should all be accounted for on your monthly budget. This is a great opportunity to call your insurance companies and ask if they have any promotions or better rates you would be eligible for.

4. SAVINGS

Savings are often forgotten about on budgets, but they are one of the most important parts of your finances. Don’t forget to put 10-15% of your monthly income straight into your savings accounts.

If you want to find out exactly what percent of your total monthly income should be put into all these categories, grab my free budget spreadsheet here.

5. TRANSPORTATION

If you own a vehicle this would be gas costs and/or car payments. If you take public transit don’t forget to add the cost of that on to your budget here.

6. RECREATION AND PERSONAL

Recreational and personal stuff like dining out, catching a movie, buying clothes, or grabbing a coffee should all be included on your monthly budget as well as any magazine subscriptions, Netflix, or other monthly subscriptions.

7. FOOD

Don’t forget to add those pricey grocery shopping trips to your budget either. If you’re looking for ways to significantly lower your grocery bill you can find some resources here:
20 Things to Take Off of Your Grocery List to Save Money
How to Coupon for Beginners
How to Easily Cut Your Grocery Bill in Half

8. DEBT

Any debt you may have should be listed on your budget so you can start focusing on paying it off quickly.

9. GIVING

Giving is another thing that is often forgotten about on a budget. 10-15% of your total monthly income should go towards giving. Whether that be to tithes, charity, or something else.

10. MEDICAL AND DENTAL

If you are on any medications that aren’t covered with benefits then these will need to be added on to your monthly budget along with dental visits and all costs associated with that.

What’s stopping you from creating a monthly budget for your family? Do you think it will limit what your family is allowed to do? Are you afraid to see the numbers in front of your face?

Whatever your reason for putting off starting a budget, now is the time to throw those reasons to the wind, sit down and ask yourself some serious financial questions.

It is much better to figure out that you’re heading towards financial wreckage now than wait a few more years and not figure it out until you’re buried in a pile of debt.

If you have already created a budget, what is something you’ve learned out of the whole budgeting process?

Budgeting doesn’t have to be hard or complicated, it should simply be an instrument to help you keep yours and your families finances on track for a brighter financial future.

Related:
4 Easy Ways to Get Your Finances Organized
5 Easy Ways to Start an Emergency Fund When You’re Tight on Money
How to Stop Living Paycheck to Paycheck
6 Ways to Teach Your Kids About Saving Money

10 expenses you may be forgetting about on your monthly budget. Don't forget about these 10 vital expenses on your monthly budget. Learn how to budget. Create a budget that works for you and put these 10 things on your budget.

10 expenses you might be forgetting about on your monthly budget. You might be forgetting these things on your monthly budget! Don't forget to add these 10 things to your monthly budget so you don't go over budget. Put these monthly living expenses on your budget.

Rejoice in hope, be patient in tribulation, be constant in prayer. Romans 12:12