Personal Itemized Budget Categories

& How You Wrangle Them with My Budget Template

Do you want to maximize your income and invest your savings in order to increase your net worth and maybe even retire early? Well then, it all starts with a budget.

An itemized budget which covers all the basic budget categories, is one of the most important tools you can use to help take control of your finances. But where do you start?

What Is a Budget?

A personal budget is a spending plan. It shows you what you will have left after you take your income and subtract all your expenses each month.

 A budget is only one of the two critical requirements to financial success. The second super critical requirement with budgeting is tracking your spending accurately (aka bookkeeping), and then comparing the results against your budget.

What Are Personal Itemized Budget Categories?

You personal budget is made up of income and expenses. And while income is technically a category, expenses make up 98% of categories.

What Kind of Budget Should I Use?

There are a lot of gimmicks out there when it comes to budgets.

The “50/30/20 Budget,”

the “Envelope Budget,”

the “Pay Yourself First Budget,”

You can throw estimated numbers into a budget all you want, but if you don’t know how much you actually spend on your life, you won’t know if it’s a practical estimation…or what would be a practical reduction to save money.

The 8 Main Itemized Budget Categories

1. Car Expenses 2. Child Expenses 3. Personal 4. Discretionary


Swipe Up

for more finance, business, and real estate advice