If you’re planning something big like a week-long vacation, cross-country drive, or overseas trip, consider creating a separate budget for that expense and saving up for it in advance. Travel expenses include things like weekend getaways, visiting family, traveling for work, or anything that goes beyond your usual expenses with things like plane tickets, hotel stays, and rental car costs. If you build that option into your monthly expense spreadsheet, saving enough each month to pay for your insurance up front, you’ll come out ahead in the long run. On the other hand, an older car might need a higher budget to cover the costs of maintenance.Īlso, most car insurance plans let you save money if you pay for a full six months in advance. If you don’t have a car payment, you might include less for transportation in your monthly expense budget. This should include all your regular expenses of commuting and just getting around town. With a 45.3% percent increase in fuel costs, transportation is the second-largest budget item for most people, with average monthly expenses of about $1025, including car payments, gasoline, and insurance expenses. (The numbers that follow in this article are based on Department of Labor data unless another source is cited.) 2. Move to California, and that same dwelling will set you back $1,958.
In 2023, the average monthly rent in North Dakota is reported at $880. Rent varies in a similar way based on where you live geographically. A 15-year loan for the same amount at a 6.59% interest rate (the current national average for 2022) would cost $3,802.11 per month. Assuming a national average loan size of just over $439,400, a 30-year loan at a 7.29% interest rate (the current national average for 2024) would cost $2,972.43 per month. When it comes to a home loan, interest rates and the length of the mortgage also have a powerful effect on your monthly mortgage payments. Cost-of-living calculators can help you adjust your budget estimates based on your location. For example, the median home value in 2023 is $491,161 in New Jersey, but $212,325 in Ohio. Housing and rental costs will vary significantly depending on where you live. 20 Common Monthly Expenses to Include in Your Budget 1. To help you get started, we’ve assembled a list of 20 common things to include in a monthly budget, along with an average amount for each one that you can use as an initial benchmark. Underestimating or missing an expense can throw your whole spending strategy off balance, so it’s a good idea to explore some budgeting norms. These are all things you’ll need to set aside monthly.Whether you’re creating a new monthly budget or refreshing an old one, you’ve probably noticed how important (and difficult) it is to get your monthly expenses right. The long-term category focuses on investments, insurance, mortgage, and retirement. It’s not the prettiest spreadsheet but breaks your budget down into three main categories: long-term, short-term, and For Us (aka personal spending). How often do you think about saving for the future? Do you need to cut back on your expenses? The Haverland Budget template is what one family used to save $6,000 in a year and cut back on unnecessary expenses. It’s not for budgeting but does cover all of the other details. If you need help with the actual planning, consider A Practical Wedding’s Complete Wedding Workbook. Since the template comes from a wedding blog, there are also links to suggested resources in different categories to help with your planning.Įven if you’re not planning a wedding, this template can easily be modified to plan most any major event, such as a birthday party, retirement party, or holiday party. You can set estimated costs and the actual costs, list every supplier name and contact details, and even list when you placed a deposit and when the final payment is due. While it looks rather simple, the comprehensive list includes jewelry, venue planning, music, flowers, fashion, photography, catering, vendors, and much more. For instance, you may have thought about the venue and DJ, but what about budgeting for wedding party gifts? The great part is that it may also help you figure out what to plan for.
Planning a wedding isn’t easy, but Bridal Musings’ Wedding Budget template does help simplify the budget-planning part. If you have multiple credit cards, are part of multiple rewards programs, and/or need to track bank account terms and fees, this template is a must-have. It’s one of the best budget templates for Google Sheets to use alongside another budget template. It’s a uniquely-styled budget template for Google Sheets that lets you see which cards are helping you and which might be hurting your credit and budget, such as those with high-interest rates and fees. Easily track points, travel miles, fees, interest rates, credit score, and even bonuses, fees, and rewards related to your checking and savings accounts.