Budget Categories That Belong in Your Financial Plan

Your budget plays an important role in the quality of life you experience, so it’s important to be aware of how you spend your money. Here’s an essential guide of categories that need to be included in your budget.



If you have a home, whether that’s a house, apartment, RV, or van. It’s important to always have enough money up front to pay for this category. Housing refers to any expenses that go toward your home—rent, mortgage payments, property taxes, HOA dues, and maintenance costs. This category will usually take about 30 percent of your paycheck, which is a pretty big chunk.

Clothes and Miscellaneous Items

You can create a category for miscellaneous expenses in your budget. That will include entertainment, clothing, travel, and any other nonessential costs that don’t fit in with your monthly ones. You can make a budget to get yourself the best dress pants for men, like the durable and Banana Republic Standard Solid Italian wool suit trousers, which are conservative enough for formal occasions but modern enough for a wedding or casual look. Also, you can opt for a tailored look with a set of dress pants made of wool by Paul Smith, which can be a great option for a slim fit paired with dress shoes. Whatever your choice in men’s dress pants, be sure to consider them in your budget expenses.



Another category you should include in your budget is medical, healthcare, and overall wellness expenses. This category will include expenses pertaining to your health insurance, life insurance, disability insurance, and medical bills. It should also include out-of-pocket costs for primary care, specialty care, dental care, prescriptions, and medical devices and supplies.

Furthermore, be sure to include expenses for your vitamins and other dietary supplements you use on a daily basis, like those sold by VitaRx. VitaRx offers a convenient way to get the correct dose for your daily vitamin and dietary supplement needs. Simply take a short assessment to understand your nutritional needs and lifestyle choices, and afterward. Tthey will prepare your personalized science-backed vitamin kit based on the results of your assessment.

Finally, after they’ve packed your nutritional supplements. They’ll ship them directly to your home every month so you’re always ready for your next dose. Please be sure to consult your primary healthcare provider prior to consuming any supplements to prevent allergic reactions and other serious side effects.


Your transportation refers to your vehicular needs. This will include anything that can get you from point A to point B. Whether that’s your own car, motorcycle, truck, train, taxi, or Uber. Be sure to consider the car payments, gas, maintenance, registration, parking, tolls, and anything else. That revolves around your car or preferred method of transportation. This can take up about 15 percent of your paycheck depending on your transportation mode.


The average American is knee-deep in debt due to college degrees and credit cards. If this is your case, make a short- and long-term plan to pay off your debt, and be sure to include it in your budget for every month. Paying off your debt will help you have more leftover money and reduce your stress.



Moreover, you can create a section in your budget for your savings. These savings will be used for any unexpected and important expenses. Such as a medical procedure or a last-minute trip to take care of a loved one.



Your food is another very important part of your budget. Food drives us every day, and without it, we would simply perish. When considering a budget for your food expenses, be sure to include expenses like groceries, take-out, work lunches, food delivery, wine subscriptions, and other things related to your diet. Depending on your diet and eating habits, this part of your budget will typically take about 15 percent of your paycheck.


Likewise, about 10 percent of your paycheck will go into your utility expenses. In this category, you can include everything regarding your utility bills such as water, electricity, HVAC, sewage, and other household bills. Additionally, you should include phone, cable, TV subscriptions, and internet expenses.

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