If you’ve made a budget, but find yourself spending too much each month without knowing why, you’ve forgotten to account for some expenses.
A good budget should include everything, from occasional home repairs to that expensive latte you purchase as a treat on Sunday mornings. Here are 7 items you may have forgotten to include.
1. Fun Money –
Do you eat out sometimes? Enjoy hanging out with friends on the weekend. Every budget needs a little bit dedicated to fun money, and if you don’t account for these expenses, you’re going to wonder where your money went.
2. Shopping –
Most budgets include grocery shopping, but don’t forget about other kinds of shopping – including items you may only purchase a few times per year. Clothing, electronics, home improvement materials, and any other items you buy should fall into your ‘shopping’ category.
3. Memberships and Subscriptions –
If you pay for an annual membership at a gym or subscribe to a magazine, it’s easy to forget this amount in your month to month budget. Take the yearly amount of all memberships and subscriptions that you have, and divide them by 12 to figure out how much you should budget for each month.
4. Periodic Bills –
Many bills like property taxes (which you pay once a year) or water (which you often pay every two to three months) don’t occur on a monthly schedule. You still need to add them into your monthly budget. Take the bill’s pay period and divide it up by however many months it charges for in order to set aside the correct amount in your budget.
5. Birthday Parties –
If you have kids, you already know the costs of having a party, but many people don’t account for these expenses in their budget. Then they blow their budget when the birthday comes along. Budget for birthdays by setting up an amount you are willing to spend on presents for each birthday to attend a year, as well as the costs of any parties you will host the upcoming year. Then divide by 12 to get the monthly amount that should go in your budget.
6. Car Repair –
Are you accounting for your vehicle costs? Most budgets do include gas, but what about oil changes and other repair work? Automobiles need oil changes every three to six months, and this doesn’t include other routine charges. Set aside some money towards your auto each month so you don’t go over budget when your car blows a tire.
7. Home Repair –
If you own a home, you also need to account for home repair costs. This includes everything from your quarterly termite inspection to unexpected issues like an emergency call to a plumber. Repair costs vary depending on the condition of your home and how much you want to invest in it. Come up with a reasonable amount that you can set aside each month for the upkeep of your home.
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