Budgeting Categories

[annibe11e]

I like this. I made a couple of tweaks and am now setting up categories based off of this. Thank you!

I actually like categories and subcategories. I work from gross, rather than take home like most budgeters.

Just looking at the spending side ...

Insurance

Car
House
Umbrella
LTC
Life
Medical

Medical Out of Pocket

Groceries

Car

Gas
Service
Government Fees

Utilities

Electric
Water
Cell Phone
Gas
Cable/Internet

House

Mortgage
HOA

Services

HVAC
Exterminator
Security

Household

Wares
Upkeep/Projects

Entertainment

Eating Out
Activities
Media

Gifts

Family/Friends
Christmas/Mega-Day
Charity

Personal

Clothing
Care
Exercise
Work
Hobby

Incidentals


We also have spending that comes out of a savings account:

Car purchase
Travel
Property Tax
Charitable Fund
Durable Goods

[~bs]

it really depends on you on how specific you want to go. nothing wrong with subcategories if simply "food" wont' do it for you. You could sub categorize into grocery store shopping, Costco/sams shopping, fancy restaurant, fast food, etc etc.

[AnnieG]

I like this. I made a couple of tweaks and am now setting up categories based off of this. Thank you!

Great! That makes it worth the effort of typing it out!

[GrimJack]

No. It's not related to the HSA. It's just that my health insurance is through my employer and the premiums are taken out of my paycheck before taxes. My previous insurance, which was through my other employer, was also taken out pre-tax.

I actually no longer have a high-deductible plan with an HSA. I got rid of that when I switched my insurance to a policy through my urgent care job. I actually only had the HSA for 7 months. We still have the account. We just can't contribute to it anymore. We can draw from it for medical expenses though.

This year I started having $100 per pp deducted for FSA because I do not get any benefit for itemizing; my take-home was reduced by $66.00 per pp. and the insurance itself is taken out pre-tax. It appears that I save $34 (or 34%) - does that seem correct? I am comparing my take home from last year with no FSA with this year.

Since I am collecting SS, I had an equivalent amount directed to my TSP so my take home is about 38% of my gross. I have gone a full year with no debt and added another income stream for about $250 per month and just started my catch up Roth TSP for $150 per pp. I have a lot of catching up to do since I am late to the 'saving for retirement' game so I only have about $150k in retirement and am doing my best, sigh.

[Gailete]

I only have about $150k in retirement and am doing my best, sigh.

Sounds like you are doing good and the job you are working may lead to increased SS checks; rather than hope someday we get an actual COLA that means something more than more taxable SS but no more 'take home' as it immediately got diverted to an increased MC premium. Perhaps your SS is more than mine so you got maybe $1 more in your check though.

I work part-time here at home with an online business which is run in hubby’s name. I always am the figurehead, but it doesn't mean that he doesn't help. Anyhow, since he was self-employed all his life, when we married, his estimated retirement SS check would have been about $300. Now it is a lot more than that from the two business we have, and the pattern business has helped a lot. Having that extra income benefits in more ways than just grocery money

Rather than kick yourself for not having more, know that you are doing your best and have more set aside for retirement than the average American. As poor as we are, I get a kick knowing that WE have more set aside for retirement that the average American. Of many financial goals, one is to see just how long we can go without touching our retirement funds. I think I am around 9 years out from mandatory withdrawals.

[LivingAlmostLarge]

$150k in retirement is nothing to sniff at. That's more than most people.