M - Budgeting Words

Needs: These are essential expenses required for survival and basic well-being.

HOUSING: Renting

Rent

Renters insurance

HOUSING: Owned home/condo

Mortgage payments

Property taxes

Homeowners insurance

Condo fees

Essential home maintenance and repairs

UTILITIES

Electricity

Water

Gas/heating

Internet service

Cell phone service

FOOD

Groceries

TRANSPORTATION

*Car

Car payments

Gasoline

Car insurance

Car maintenance

Public transit pass

Bike & maintenance

HEALTHCARE:

Prescription medications

Doctor's visits and medical expenses

DEBT PAYMENTS:

Minimum payments on essential debts (e.g.

student loans

ESSENTIAL CLOTHING:

Clothing needed for work

or to handle the climate

Wants: These are non-essential expenses that enhance your lifestyle.

ENTERTAINMENT:

Streaming services (e.g.

Netflix

Hobbies and recreational/sports activities

Concerts

movies

Any subscriptions that are not essential

PERSONAL CARE:

Haircuts and salon services

Cosmetics and personal grooming

Gym memberships

SHOPPING:

Non-essential clothing and accessories

Electronics and gadgets

Home decor and furnishings

NON-ESSENTIAL FOOD:

Food delivery services

Non essential food items

Dining out

Savings: These are funds set aside for future financial security and goals.

EMERGENCY FUND:

Funds for unexpected expenses (e.g.

medical emergencies

INVESTMENT SAVINGS:

Funds for stocks

bonds

SAVINGS FOR SPECIFIC GOAL:

Down payment for a house

Travel fund

Education fund

Car fund

Early retirement fund