Figuring out your monthly expenses.
It's hard to follow a budget if you are not sure how much you spend each month. Here are some questions which are useful when you start creating your budget. Certainly the list is, by all means, not exhaustive.
- How much do you pay in rent or on a mortgage?
- How much are your utility bills? (Gas, Electric, Heat, Water, Phone, Cable, Cell Phone, Internet Service, etc.)
- Do you have any loans or monthly payments? (School loans, laptop payments, etc.)
- How much do you normally spend on groceries each week/month?
- How much do you normally spend when eating out (buying lunch at work or school, etc.)
- How much do you spend on transportation? Do you take public transportation or do you have a car? If you have a car, how much does parking, gas, upkeep etc. cost you each month?
- Do you pay for insurance? (Car insurance, health insurance, dental insurance, etc.)
- Do you have regular medical costs that aren't covered by your insurance? (Prescriptions, therapy, etc.)
Here is my own monthly expenses table. It helps a lot.
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