If you don’t have a car payment, you might include less for transportation in your monthly expense budget. This should include all your regular expenses of commuting and just getting around town. Transportation is the second-largest budget item for most people, with average monthly expenses of about $819, including car payments, gasoline, and insurance. (The numbers that follow in this article are based on Department of Labor data unless another source is cited.) 2. Move to California, and that one-bedroom apartment will set you back $2,670. In 2021, the average monthly rent for a one-bedroom apartment in Kansas was reported at $1,065. Rent varies in a similar way based on where you live geographically. A 15-year loan for the same amount at 2.79% interest would cost $2,296 per month. Assuming a national average loan size of just over $245,000, a 30-year loan at 3.29% interest would cost $1,700 per month.
When it comes to a home loan, interest rates and the length of the mortgage also have a powerful effect on your monthly mortgage payments. Cost-of-living calculators can help you adjust your budget estimates based on your location. For example, the median home value in 2018 was $328,200 in New Jersey, but $140,100 in Ohio. Housing and rental costs will vary significantly depending on where you live. 20 Common Monthly Expenses to Include in Your Budget 1. To help you get started, we’ve assembled a list of 20 common things to include in a monthly budget, along with an average amount for each one that you can use as an initial benchmark. Underestimating or missing an expense can throw your whole spending strategy off balance, so it’s a good idea to explore some budgeting norms. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.Whether you’re creating a new monthly budget or refreshing an old one, you’ve probably noticed how important (and difficult) it is to get your monthly expenses right. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising.
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