# Figure Out How and What Your Total Monthly Expenses Are

Monthly household budget

To figure out how much you are spending each month, calculate your expenses for the following and total up:

### Instructions

• 1

Rent: figure out the amount you pay in total (this should not include expenses that you pay for separately but are associated with the rent (like parting and utilities)

• 2

Electricity: take you bills for the last year or at least last few months, add them up and divide that number by the number of bills to get an average.

• 3

Heating: take you bills for the last year or at least last few months, add them up and divide that number by the number of bills to get an average. Keep in mind that seasonal changes have different requirements.

• 4

Water: take you bills for the last year or at least last few months, add them up and divide that number by the number of bills to get an average. Most people typically use more water in the summer then the winter, so use the summer bills to get the average.

• 5

Maintenance: This is typically calculated by taking the estimated value of the home and using the 1-3% of that value and divide it by 12 to get your monthly amount.

• 6

Parking: here we are talking about all parking. If you pay for home parking as well as for work.

• 7

Cable: take you bills for the last year or at least last few months, add them up and divide that number by the number of bills to get an average. Don’t forget to include those movie and other on-demand/pay per views that you may be buying.

• 8

Gas: take you bills for the last year or at least last few months, add them up and divide that number by the number of bills to get an average. Summer time the vacation trips will increase your costs and the winter will reduce mileage per tank due to the heating requirements and more ideal.

• 9

Public transportation: this includes bus pass, tickets, cash etc.

• 10

Car insurance: depending on how you pay, you may have time by month already. If not just divide your annual bill by 12 to get your monthly amount.  Most people do monthly, however it usually works out cheaper to pay annually.

• 11

Car repairs: depending on how often you have your car checked and the level of maintenance you do, this will vary quite a bit.  I recommend 1000-1500 annually, so around a 100.00/mth average

• 12

Child care:  If you have kids then you know how expensive this can be. The average rates in Ontario are 55.00 a day at 20 days a month.

• 13

Clothes: the average people use is 3-5% of their income annually.

• 14

House/Renters insurance: depending on how you pay, you may have them by month already. If not just divide your annual bill by 12 to get your monthly amount.  Most people do monthly, however it usually works out cheaper to pay annually.  Also if you combine your home and car insurance together the companies offer discounts on the bundle.

• 15

Entertainment: We all like to go out occasionally (hockey, movies, a show etc.), some more often then other..So be realistic in your estimates.  There is no point to doing this exercise if the numbers you are putting are not too low or too high.

• 16

Groceries: We all need to eat! Planning your shopping at times when you are not hungry will reduce the impulse buys and keep your monthly amounts down. The average for a family of four is typically 600 a month. Your may be higher or lower depending on your family situation.

• 17

Internet and Telephone: These days this is a necessity like gas and heat.  But don’t pay for a level of connectivity you don’t need. As for telephones, you need to account for both your home and personal numbers.

• 18

Life Insurance: This is an option for the young, but as you get older it become a necessity to provide for you and your family when you can. The cost will depend on your health and the amount of the policy.

• 19

Eating out: dining out with friends is fun and a great social activity, others this is how they keep their business contact and network.  So keep in mind all the eating out you do.

• 20

Medical: if you have any health issues then you will need meds and they are not all covered by health plans. Out of pocket should be expected and planned for. If you are one of the lucky ones that has full coverage then this is one bill you don’t have to worry about for now.