How Much Money Should I Save?

While there is no concrete rule of saving, it is commonly agreed upon that having at least six months worth of living expenses saved up is the ideal situation. The problem here is that many of us don’t want to take an honest look at our living expenses. When figuring out your living expenses you should account for all of the following and anything else you can think of that you spend money on regularly.

Common Expenses

  1. Rent / Mortgage
  2. Groceries
  3. Power Bill
  4. Internet Bill
  5. Phone Bill

Entertainment Expenses

  1. Dates
  2. Movies
  3. Netflix / Hulu / Prime / etc.
  4. Alcohol
  5. Drugs

Misc. Expenses

  1. Tithes & Offering
  2. Fast Food
  3. Website Hosting
  4. Domain Registration
  5. Professional License Renewal

This is by no means a comprehensive list of monthly expenses, just the 5 most common from each category. For best results you’ll want to make a complete list of your expenses and update it regularly. To make this easier, I’ve created a budget worksheet with a ton of monthly expense items you may not have considered, and extra space for you to write in any that I may have missed.

  • Click here to download a budget worksheet.
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