Household bills: The essential bills you need to pay to run your home each month is a good place to start building your budget plan. After your mortgage or rent, work out how much you spend each month on council tax and any management fees on rental properties. Don’t forget your utilities (gas, electricity and water) and other regular bills for phones, internet, satellite or cable and TV license.
Child care: Nursery fees and after school club subs can soon mount up, so factoring childcare into your budget is crucial.
Sports and hobbies: Kids swimming classes one day, football the next, and maybe a couple of sessions at the gym after work each week too. Don’t forget to factor in the cost of any extra equipment and kit as well as the initial cost of classes or and lessons.
Entertainment: From a family trip to the cinema to a midweek meal out, the cost of making the most of your free time as a family can soon add up, so be sure to build these costs into your family budget.
Pets: Looking after your four legged family members can be costly, so make sure you budget for everything from food to check-ups with the vet and vaccines.
Cars and transport: Filling up with fuel isn’t the only thing to budget for, there’s all the expenses of owning a car to consider – including petrol, road tax, parking, insurance, MOTs, servicing, any new parts and child seats. If you prefer public transport, calculate the cost of your travel ticket.