Saturday 7 January 2012

Budget Categories

So, last time I promised a post on my budget categories.  Here they are with explanations if necessary.

Tithe (or Charitable Donations)
Mortgage (or Rent)
Power
Heat
Grocery
Telephone
House Maintenance
Car Maintenance (anything except gas)
Large Bills (Property Taxes, Vehicle Insurance, Professional Dues, etc.)  (This is actually a different savings account in my bank account so the money I put in there every month goes on this line.)
Car Gas
Truck Gas
Clothing
Restaurants and Entertainment
Pets
Christmas/Birthdays (This is gifts!)
Vacation/Unexpected Bills (This account operates similar to large bills.  I have also written a post about this account.)
Husband Spending (This category and the next are for lunches out on our own or fun stuff we buy for ourselves.)
Wife Spending
Husband Work (My husband goes away for work and gets reimbursed for meals at a set rate, so I track it to make sure that he is spending less than he gets like he thinks.)
RRSP (Monthly Contribution)
Misc (Everything that doesn't fit somewhere else and bank fees)
Pharmacy (Could be considered health care - eye glasses, prescriptions, etc.)
Kid

You can make up your own categories as applicable but those are mine.  The important thing is to be consistent about what you put in each category as some can overlap.  For ex, if I don't want to cook one night and we buy a frozen pizza from the corner store, then I consider that Restaurants and Entertainment but it could be considered groceries which is where I put that same pizza if I buy it during regular grocery shopping.  So, you just have to decide in your own mind where certain spending goes and be consistent about it.

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