

What to Consider When Creating a Budget
When creating a budget, you should consider all your essential monthly expenses.
These items may include:
- Groceries
- Rent/mortgage
- Utilities – water, electricity, gas, etc
- Phone/data plans
- TV/home phone/internet
- Household items – cleaning supplies, house/yard maintenance
- Subscriptions & memberships – gym memberships, online streaming services, music services, etc
- Transportation – transit costs, gasoline, insurance
- Work-related expenses – clothing, food
- Childcare, kids programs
- Family incidentals
- Entertainment – movies, eating out, concerts
- Pet Care
- Vacation spending
- Debt payments – car loans, home equity loans, credit card payments
Once you’ve factored in all your monthly costs, look at your net income. Your net income should include all money that comes in from employment income and any investment income. If your monthly expenses are higher than your net income, we recommend that you reduce your expenses. It’s best to focus on spending within your limits and paying all your bills on time.