4 Common Monthly Expenses to Budget Throughout the Year

monthly expenses

monthly expenses

Keeping track of monthly expenses is the key to achieving your financial goals.

There’s a select group of people in our society that doesn’t really have to think about money. For most others, however, it’s the prevailing issue that commands a lot of attention. Living paycheck to paycheck can take a toll on you, but not if you know how to budget.

In this post, we’re going to tell you the 4 most common monthly expenses that you need to budget for throughout the year. If you can maintain and stick to your budget, then you can gradually conquer the money problem.

1. Mortgage/Rent

Keeping a roof over your head is one of the biggest reasons we all have to work. If you’re not budgeting for your monthly rent or mortgage payments, then you’re going to be in trouble fast.

Depending on where you live and what you live in, this could take up more or less of your budget. For instance, if you own a house, your mortgage, property tax, and housing maintenance are going to take up a good chunk of your monthly funds. Renting in Fort Wayne allows you to allocate a larger portion of your funds to other areas.

2. Phone/Internet

Our phone bills are getting more and more expensive since we spend most of the day using them now. On the other hand, no one has a landline anymore, so there’s only one phone bill to worry about. A typical phone plan might be in the $50-80 range per month.

Similarly, your internet bill has increased over the year because we rely more heavily on streaming and things that use¬†more¬†bandwidth. The flip side, again, is that more people are cord-cutting and moving to streaming services, so a big cable bill isn’t a massive expense anymore.

3. Transportation

If you’ve got a car, you open up another world of monthly expenses. Between monthly car payments (if you’re leasing or paying off a car loan), insurance, plates, and gas, you’re looking at several hundred dollars per month. Depending on where you live, a vehicle might be a necessity for getting to and from work or getting groceries.

4. Utilities

Utilities such as electricity and water are two essentials whether you’re living in a house or an apartment. Some apartment communities cover one or both of these for you. Find out which utilities you are responsible for and the average cost per month and add these into your monthly budget.

Taking Control of Your Monthly Expenses

Now that you understand some of the larger expenses you need to budget for you can take control of your monthly expenses. One of the best ways to lower your monthly expenses is to rent an affordable apartment.

Renting at Willow Creek Crossing allows you to focus on saving money instead of spending it. Our apartments have amazing amenities and are located in the heart of Fort Wayne. Contact us today to apply.