Some general and specific questions about bringing your budget classification terms in line with published guidelines. In your personal budget, how do you classify fees like overdrafts, ATM fees, ATM refunds etc? What about taxes paid and refunds received? How do you determine wants and needs?
I have a spreadsheet where I have one sheet for budget and one sheet for transactions. This way I can correlate my budget with actual transaction data so it's realistic when I make decisions and so I can see how I'm doing.
So each transaction and budget line item has two columns, budget label and budget category. Budget label is specific stuff like "ATM refund", "Overdraft", etc. In the other column I had it these under "fees", which is all well and good - when I do my calculations, I can see how much I spend overall on "fees".
The problem is that I'm realizing that these terms don't fit in to the usual recommended budget categories/percentages, such as in this thread.
I was looking to see if my budgeted allocations are more or less in line with the recommendations.
I also tried to add a "need/want/savings" designation to each category, to figure out if my spending fit into the "50% needs, 40% wants, 20% savings" structure but I have a hard time distinguishing needs from wants at that high level.
I'm also not quite sure where to put taxes, my husband's expenses, What do you think? Any recommendations or observations?