What Should I Include in My Spending Plan?
Your spending plan directs where your income goes. Allocating enough money to savings, investments, and expenses helps you achieve your financial goals.
However, creating a spending plan can feel overwhelming. There are many areas to include when managing your income.
Consider reviewing the following categories, decide which ones apply to you, and add them to your spending plan. Then, evaluate your monthly spending to see whether you should add anything.
Housing
Homeowner Association (HOA) fees
Household repairs
Utilities
Electricity
Water
Garbage
Phones
Internet
Cable
Food
Groceries
Restaurants
Pet food
Household Items/Supplies
Toiletries
Laundry detergent
Dishwasher detergent
Cleaning supplies
Tools
Clothing
Adults’ clothing
Adults’ shoes
Children’s clothing
Children’s shoes
Transportation
Car payment
Gas
Maintenance and oil changes
Registration and DMV Fees
Repairs
Tires
Parking fees
Medical/Healthcare
Primary care
Dental care
Specialty care (dermatologists, orthodontists, optometrists, etc.)
Urgent care
Medications
Medical devices
Insurance
Health insurance
Homeowner's or renter’s insurance
Home warranty or protection plan
Auto insurance
Disability insurance
Personal
Haircuts
Salon services
Cosmetics (such as makeup or services like laser hair removal)
Subscriptions
Gym memberships
Babysitter
Gifts/Donations
Birthdays
Anniversaries
Weddings
Holidays
Special occasions
Charities
Savings
Big purchases such as a new mattress or laptop
Other savings
Retirement
Financial planning
Investing
Debt
Car loan
Personal loan
Student loan
Credit cards
Education
School supplies
Books
Your college
Children’s college
Entertainment
Subscriptions (Netflix, Amazon, Hulu, etc.)
Games
Movies
Concerts
Alcohol and/or bars
Vacations
*This information is for educational purposes only.
Do you have a spending plan, or are you going to create one? Let me know in the comments!
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