Whether it’s a pen and paper, a spreadsheet, or budgeting apps and software. There are tons of really great ways to track your expenses. You should decide for yourself what you think makes sense for your family.Ī budget is amazing, but it won’t mean anything if you spend money and don’t know where it’s going. If you are a Dave Ramsey follower he recommends you set up your Emergency Fund of $1K and then push all other money into paying debt down. If you have been looking at any of my other posts on budgeting, you know that some other budgeting methods (like the 50/30/20 method for example) have savings and debt together as two sides of the same coin. Personal Care (haircuts, manicures, pedicures, etc.).My daughter only goes part-time two days a week, so this isn’t a huge expense for us, but if your child(ren) are going full-time, I might consider moving it to its own category if for no other reason than ease of tracking. This category is for everything else you are spending (most of which is discretionary spending)! Household expenses (toilet paper, detergent, paper towels, sponges, etc.).Consumables is the answer to that problem. One of my biggest struggles, when I was using a traditional line-item budget, was accounting for my one-stop shopping trips. Utilities (Water, Trash, Electricity, Sewer)Īny expense related to getting to and from places would go into this category.Įxpenses that get used up or consumed, go in this category.Any expense related to housing would go into this category.
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