![]() ![]() Someone who lives in Chicago, on the other hand, needs a higher income to enjoy the same standard of living. According to the calculator, a single person living in Cook County, Illinois, would require an estimated $3,076 a month to cover household expenses.īoth of these calculations are based on a person who controls their spending. For example, according to the Family Budget Calculator created by the Economic Policy Institute, a single person living in Franklin County, Missouri, would need to spend an estimated $2,766 a month to live modestly yet comfortably. Included in this cost is $516 a month for housing, $241 for food and $309 for health care. The average monthly expenses for a single person depend on where they live and how they live. What Are the Average Household Monthly Expenses for a Single Person? Even your daily cup of coffee can add up to hundreds of dollars a year. Make sure to list small purchases, too, like eating out for breakfast a few times a week. This includes items you buy every day, monthly bills and things you only get occasionally. When creating your home’s budget, you’ll need to write down every expense you can think of, which may not be included in the list above. Census Bureau of Labor Statistics, American households typically have the following costs: According to the 2019 Consumer Expenditure Survey conducted by the U.S. Household expenses are unique to each family and individual. Still, most households have some costs in common, like groceries and utilities. Having a budget will help you spend money wisely and stay out of debt. Lastly, we’ll show you how to use your list of household expenses to form a budget. You can also use this information to compare your spending to national averages, which can help you determine if you need to cut back. ![]() In this chapter, we’ll share a list of common household expenses and how much a person spends on average to pay their monthly bills, so you know what to expect. You need to know what your daily and monthly household expenses look like to create a budget for your new home. Your household expenses also include how much you spend on entertainment and miscellaneous items. Household expenses cover everything you spend to maintain your house and meet your family’s needs, from your mortgage payments to education costs. Home Budget Worksheet - Our original selection of home budget worksheets.Chapter 1: Average Cost of Household Expenses.Personal Budget Spreadsheet The 12-month version of the personal budget version.Personal Monthly Budget - Like the one above, but less detailed, and designed to fit on a single page.Family Budget Planner - This is the 12-month version of the household budget spreadsheet listed above.Money Management Template - Record transactions to automatically populate the budget vs.If you add or remove any categories, just make sure that the formulas used for the totals don't get messed up. If your Net is negative, that means you have overspent your monthly budget.Īdding or Removing categories: The household budget template contains a very detailed list of categories, which you may or may not need. The Monthly Budget Summary table totals up all your income and expenses and calculates the Net as Income minus Expenses. If you spend more than you budgeted, the Difference between the Projected and Actual values will be negative, and if your Actual income is less than your Projected income, the Difference will be a negative number. In this spreadsheet, the calculations are set up so that negative numbers are bad. The cells in the "Difference" column use conditional formatting to make negative numbers red. At the end of the month, you record in the "Actual" column how much you really spent during the month. This represents your goal - you're trying to keep from spending more than this amount. You record your desired budget for each category in the "Budget" column. ![]() The purpose of this worksheet is to help you compare your monthly budget with your actual income and expenses. You may also want to read the article " How to Budget". Our article " How to Make a Budget" explains how to use these spreadsheets to create your budget. You'll want to replace the values in the Home Expenses category with your own. To use this template, fill in the cells highlighted with a light-blue background (the "Budget" and "Actual" columns). 42 Effective Ways to Save Money Budgeting Tips for the New Year Using the Household Budget Worksheet
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