![]() ![]() ![]() PROFESSIONAL FEES: The boring stuff! Includes the fees you are forced to hand over to bankers, lawyers, superannuation fund managers, accountants, unions and other professional associations. Generally, these will include cable/satellite TV, streaming or other monthly services, entertainment, dining out, debt payments beyond the minimum requirements.LIFESTYLE: The fun stuff! Holidays, meals out, toys, streaming services, camping, fishing, alcohol and gifts.Basic personal hygiene items are budgeted for in the Household category. APPEARANCE: Clothes, shoes, make-up, jewellery, handbags and anything else you buy to adorn your body.The familys expenses are 81,275, which exceeds their reported income by 45,000, as shown in sample worksheet 2. EDUCATION: Back-to-school costs, uniforms, private school fees, higher education, continuing learning, books, stationery and yes, newspapers. Using both business and personal records, including bank and credit card statements, Amy completes the personal living expenses comprehensive worksheet and records a household income of 36,275 for the year.I urge you to consider the cost of cigarettes and tobacco in this category, too. Doctors, specialists, health insurance, gym memberships, sports memberships and equipment. Now in the example above, if they paid off their debt, they could easily afford to have spending money AND save 16 of their income for retirement and emergencies. HEALTH: Anything you spend to protect your physical and mental health. When you do a zero-based budget, you plan every dollar, so your budget should be at 100 when doing the calculations.Excludes alcohol, restaurant meals and takeaway. FOOD: Anything you put in your mouth that you make at home – for all members of your household, including pets.Single person estimated monthly costs: AU4,339. The simple cost of keeping a roof over your head, essentially. Family of four estimated monthly costs: AU7,845. TRANSPORT: The total cost of all your travel – excluding holidays – via whatever mode of transport you choose, including car, public transport, taxi or plane. So, here is a brief outline of my 10 categories to get you started.UTILITIES: Everything it takes to connect your home to crucial services, such as electricity, gas, internet and telephone.Entertainment expenses made up 5.3 of a households budget, the same level it had been in 2018. HOUSEHOLD: Everything else it takes to make a functioning home, including furniture, bedding, cleaning supplies, light bulbs, council rates, insurance, repairs and maintenance. As the country adapted to a new normal in 2021, entertainment expenditures rebounded, increasing by 22.7 in 2021.There are only five items in this category but it is the major expense for many households. Now, a zero-based budget doesn’t mean you have zero dollars in your bank account. This method is called zero-based budgeting. Step 3: Subtract your expenses from your incomeand that number should equal zero. The simple cost of keeping a roof over your head, essentially. Step 2: Make a list of all your monthly expenses (yes, even the easily forgotten ones). HOUSING: All rent and mortgage payments. ![]()
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