< Back to blog
December 13, 2020

7 Budget Categories When Planning For Retirement

Having a good budget will help you have more confidence as you prepare for retirement. Here is a list of the 7 primary categories when planning for retirement.

The 7 primary budget categories are:

  1. Housing
  2. Loans & Liabilities
  3. Food & Personal Care
  4. Insurance & Medical
  5. Vehicles and Transportation
  6. Travel & Entertainment
  7. Giving & Misc

Below are a few examples of expenses that would be included in the Housing category:

  • Real Estate
  • HOA Dues
  • Electric
  • Garbage
  • Water
  • Sewer
  • Natural Gas
  • Cable
  • Internet
  • Cell Phone
  • Home Phone
  • Security System
  • Home Improvements
  • Furniture
  • Yard Maintenance

Create a retirement budget that is unique to you. Try it for free. Click Here.

Below is a video with all of the expenses in each category:

More posts

Understanding Required Minimum Distributions (RMDs) at Age 73 and 75
May 16, 2025
Understanding Required Minimum Distributions (RMDs) at Age 73 and 75

If you're turning 73 or 75 soon, understanding Required Minimum Distributions (RMDs) is essential for managing your retirement income and taxes. This post explains when RMDs begin, how they’re calculated using the IRS Uniform Lifetime Table, and includes tables showing both distribution factors and their equivalent withdrawal percentages. Plan ahead to avoid penalties and optimize your retirement cash flow.

Can My Spouse Get a Higher Social Security Benefit If I Wait Until Age 70?
May 5, 2025
Can My Spouse Get a Higher Social Security Benefit If I Wait Until Age 70?

If one spouse files for Social Security early and the other delays until age 70, it’s still possible to receive a higher spousal benefit — but only if you understand how the rules work. This post explains how early filing reductions, spousal top-up benefits, and survivor benefits interact, using a real-life example to show how strategic timing can significantly impact retirement income for couples.