![]() ![]() Renter’s insurance should also be added if it is a regular monthly payment your family makes. Renter’s or homeowner’s insurance: If your insurance payments are not included in your monthly mortgage payment, it needs to be included as a separate item in your budget.Annual dues should be divided by 12 and included as an ongoing line item each month. HOA dues: Whether dues are paid on a monthly or annual basis, it’s essential that they are included in your monthly budget.Household updates or repairs: While household updates or repairs may not be a regular expense, it’s a good idea to set aside money each month to be used when these need to be purchased.Mortgage or rent: The monthly fee you pay for mortgage or rent is included in this subcategory.The first category on this list is housing expenses.Īlthough the largest expense in this category will be your mortgage or rent, this budgeting category also includes other items that are related to owning or renting your home. There are several different expense categories to choose from. In addition to your income streams, you’ll also need to categorize all your monthly expenses. This income could come from freelancing, side hustles, returned purchases, reimbursements, irregular bonuses or incentives, income tax refund, or other passive income streams. ![]() Miscellaneous income: Any other income your family earns each month can be categorized as miscellaneous income.Include these numbers in your monthly income category under the subcategory of investments. ![]() Typically, investment income falls into three categories: rental property income, dividend payments, or earned interest.
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